Almost two-thirds of Britons are worried about having a lack of money in retirement, new research from AXA Wealth has found today.
A survey of over 2,500 UK adults examining attitudes toward and preparations for retirement, which found that most people are unprepared and fearful of what may happen to them. Almost a third (30%) of the respondents admitted to not knowing how much money they would need to live on in retirement.
It also found that 38% were nervous of a shortage of funds to achieve retirement ambitions, while 29% said they were 'really worried' about not having enough money to cover essentials, like food and heating. And 25% stated that they were concerned about becoming financially reliant on others.
With the youngest baby boomers turning 50 in 2014, the firm said that it was particularly worrying that only 7% of adults in their 50s had no financial worries about their retirement.
Nick Elphick, managing director of specialist products at the firm, said: 'Ultimately, none of us want to be dependent on others in retirement, but to achieve this people need to be supported in putting in place realistic and achievable steps to build the retirement pot they need.'