New Study Reveals Expectations VS Reality of Retiring in Britain
- A study by Blacktower Financial Management reveals the reality VS the expectations of retiring in the UK right now.
- Retirees answer questions surrounding finances, travel, their social life and more.
For many, we look forward to a comfortable retirement, spending our golden years doing the things we like, with the people we like, however often we like. But is that the reality for most?
A focus group of retirees have been speaking to Blacktower Financial Management to try and find out exactly what retirement looks like for Brits, versus what we were expecting it to be like.
So from travelling and family time to hobbies and social life, here is the reality of retirement.
Expectations VS Reality of Retirement
Of the focus group, 90% of them were expecting to spend their retirement travelling, but only 50% managed, despite 60% of the focus group wishing they could travel a lot more.
50% of retirees claim health commitments, whether that be personal or for a close relative, is the main reason for not travelling more.
9 in 10 retirees claim they were expecting to spend more time with family post-retirement but, haven’t been able to do so. The main reasons family time has changed are childminding duties, the COVID pandemic and financial obligations.
Activities and Fun
100% of retirees expected to spend their retirement enjoying hobbies and interests regularly, but only 40% managed to do so.
Even though only 40% managed to spend time enjoying hobbies and interests, 60% claim they’re still as interested – if not more.
30% believed they’d have more of a social life after they retired, coincidently, the same figure claim health-related issues are the main reason for not socialising as much as they’d like.
60% of retirees do not feel optimistic about their finances after retirement.
Family-related issues, such as new family members, were the most common financial change among retirees.
1 in 5 retirees moved home after retirement, the most common reasons being health-related and a lesser need for space, and therefore downsizing their property.
If you are looking for information on retirement and how to invest your pension, please visit https://www.blacktowerfm.com/united-kingdom/