The study found that more than half (54%) of people over 40 are worried about retirement.
While retirement can be decades away, six in ten (61%) of people aged 40 to 44 said they worry about it, wealth manager Abdn found.
The cost of living crisis and the impact of the current economy on investment has been a source of concern for many people, along with fears that people still haven’t accumulated enough in their retirement baskets in their entire lives.
Some said they were embarrassed by their lack of retirement planning or not seeking advice.
In addition to financial concerns, some worried that they would be branded as “old” or that they would lose their identity when they eventually retired.
Psychologist Dr. Linda Papadopoulos said retirement anxiety is a “serious issue” and some people end up seeking medical help.
She said: “Retirement anxiety is the emotion of worry or worry that people who have yet to retire have about the prospect of retirement.
“It could be anxiety about how they will spend their time, financial worries, or perhaps a sense of loss of identity.”
She continued: “There are two key responses to stressful problems, one of them is to ignore them, which only delays the search for a solution to the problem.
“The other is panic, which can also aggravate the situation.
“People experiencing retirement anxiety may constantly think about it, stay awake and generally feel overwhelmed – this can affect their relationships and performance at work.”
One in six (16%) people cannot sleep at night because of anxiety about retirement.
According to the survey, about 13% said it affects their personal lives and relationships, while 14% said it affects their work.
Dr. Papadopoulos added: “The key to overcoming any stressor is to solve the problem by first acknowledging it and then seeking constructive and informed support to deal with it.
“Retirement is one of those big steps we know we’ll take at some point in our lives, and we can reduce the risk of ‘retirement anxiety’ by starting to prepare as early as possible.”
Colin Dyer, director of customer experience at Abrdn, said: “It is clear that this rise in retirement anxiety is fueled by the cost of living crisis and concerns about the economic situation.
“Every day we see more and more of this with our clients.
“Planning for early retirement can help ease anxiety and anxiety, and people shouldn’t be embarrassed by bringing up issues they’re unsure about or unconcerned about – it’s okay not to know.”
In July, about 1,000 people over 40 were surveyed in the UK.
Credit: www.independent.co.uk /