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A third of over 40s suffering from increased financial anxiety this Christmas

by LLB Reporter
14th Dec 23 5:40 am

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.

Meanwhile, more than three in ten (31%) say spending more during the Christmas period makes them more anxious or worried about the state of their finances, with 46% feeling that economic challenges like high inflation and rising interest rates have made it more difficult to prepare financially for Christmas.

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The research also showed that 30% of over-40s in the UK intend to tighten their belts by spending less this Christmas compared to last 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.”

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