Young people are more concerned than their parents about ill health and care costs in retirement, according to research published today by Scottish Widows
A poll of 2,000 people found that 'retirement anxiety' was most prevalent among people in their twenties. Over a third of this group (34%) suggested that paying for care would be a financial priority in retirement.
In contrast, just over a quarter (26%) of their parents' generation (those in their fifties) said they were worried that care costs would be such a priority.
'It is a concern that so many young people are already feeling anxious about their financial outlook and health in later life,' said Mike Teal, head of annuity propositions at Scottish Widows.
'We realise that their priorities may be paying off debt or saving towards a deposit, however starting to save at say 20 instead of 30 can make a huge difference to your income in retirement.'
The analysis showed that 50% of respondents in their twenties believed that their income in retirement would be lower than their parents.
Moreover, 36% admitted to concerns that they would retire too late in life to be physically well enough to enjoy leisure pursuits such as travelling and hobbies. However, only one in five respondents in their fifties expressed the same uncertainty.
