The start of the year is a time where many Brits start reviewing and planning their finances for the year, especially those looking to retire within the next few years.
Private and Commercial Bank Arbuthnot Latham has surveyed 300 respondents asking the question “Are you ready for retirement?” to discover the UK’s attitude towards retirement.
As the topic of retirement can be confusing for many, especially as of recent, with the talk of changes to the retirement age, The survey asked how Brit’s plan to spend their time, where they will live and how they will fund their retirement.
As Searches for “What age can I retire” have shot up 350% over the last three months, the topic proves to be on many minds currently.
Arbuthnot Latham found that 31% of respondents felt ‘in control and organised’, which means they have made some future life and financial plans and have a good idea of how they will spend their time once they stop working.
Just over 30% of respondents didn’t fit a straightforward attitude, with answers spread over several profiles, showing mixed attitudes towards their life after work in terms of readiness and preparation.
Around 19% expressed a ‘cautiously optimistic’ attitude. These people are less sure about what the future holds and might benefit from considering their future wants and needs and developing a plan to help them enjoy their retirement when it comes.
Of the remaining respondents, 10% would describe themselves as ‘adventurous and energetic’, and the remaining 10% were ‘open to options.
Those who identify as ‘adventurous and optimistic’ plan to live life to the full, enjoying every minute of their retirement and filling their days with new experiences. Those ‘open to options’ may be further away from retirement and as yet have not given their retirement too much thought.
The survey found that Brits have 5 key attitude Brits have towards retirement, these include:
| In Control & Organised | 31% of respondents |
| Adventurous & Energetic | 10% of respondents |
| Cautiously optimistic | 19% of respondents
|
| Open to options | 10% of respondents |
| A bit of everything | 30% of respondents |
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