Millions of over-40s face financial anxiety this Christmas

A third of UK workers aged 40 and above have expressed concerns about the adequacy of their retirement savings for enjoying future Christmases, new research by My Pension Expert has revealed

 
The UK’s leading at-retirement adviser commissioned an independent survey of 2,000 UK adults. It found that a third (32%) of over 40s in work worry whether their retirement savings will stretch enough to allow them to enjoy Christmases once they stop working.

Three in ten (31%) say spending more during the Christmas period makes them more anxious or worried about the state of their finances – rising to 40% amongst those still in work.

When it comes to this Christmas, 46% say economic challenges like high inflation and rising interest rates have made it more difficult to prepare financially for Christmas. Further, 30% of respondents intend to tighten their belts by spending less this Christmas.

Meanwhile, 20% of over 40’s are concerned about the upcoming general election’s potential impact on their retirement planning in the New Year.
 
Lily Megson, Policy Director at My Pension Expert, said: “It’s been a difficult year for pension planners. And unfortunately, the festive season offers no respite. Economic hurdles, such as high inflation and rising interest rates, have understandably cast a shadow of uncertainty over the holiday season for a significant portion of UK adults for another year.

“It’s clear that those preparing for retirement need to be supported through economic uncertainty, helping them make the most of their budgets without sacrificing their usual festive activities. In this context, the value of professional financial advice shines through.

“Independent financial advice can help people feel more financially confident and enjoy the festive period without constantly worrying about how spending will impact their financial futures. The holiday season should be a time of joy and celebration, and financial advisors play a crucial role in ensuring that individuals can experience it without the burden of financial concerns.”
 

About the research

The market research was carried out between 27th October and 31st October 2023 among 2,000 UK adults via an online survey by independent market research agency Opinium. Opinium is a member of the Market Research Society (MRS) Company Partner Service, whose code of conduct and quality commitment it strictly adheres to. Its MRS membership means that it adheres to strict guidelines regarding all phases of research, including research design and data collection; communicating with respondents; conducting fieldwork; analysis and reporting; data storage. The data sample of 2,000 UK adults is fully nationally representative, ensuring the respondents are weighted by age, gender, region, employment status and political views.