A staggering 93 percent of employees surveyed said they are worried about their finances post retirement.
Also, 80 percent citing the rising cost of living as a key concern.
As many as 56 percent felt that their pensions and savings won’t be enough to last their retirement years.
The research by Renovo also found that 43 percent of those facing retirement predict they will work beyond the state pension age, as they are increasingly concerned about financial, health and lifestyle issues in later careers.
Beyond financial concerns
Renovo’s study found that it’s not just financial problems employees are worried about as they approach retirement.
Other concerns cited included maintaining physical health (50%), remaining productive (40%), loneliness (39%) and the impact on personal relationships (17%).
Only one in five employers provide pre-retirement support
Renovo’s research also discovered that only one in five employers provide any sort of pre-retirement support.
The research shows that, of the limited number of respondents that do receive support, only half received information on financial education, 24 percent on mental and emotional health in retirement and 22 percent on physical health in retirement.
Support needed earlier in employee’s career
Earlier access to information and support was also a factor demonstrated in Renovo’s study, with 78 percent of employees wishing they’d received more information about pensions and savings earlier on in their career.
Chris Parker, Managing Director of Renovo summarises:
“Supporting employees earlier means organisations can benefit from having employees who have a clear plan for the later stages of their careers and are motivated around those plans. Just a quarter (24%) of the survey respondents say the support they received covered later stage career planning – and with people feeling they need to work longer this is becoming increasingly important.
“Employees who are able to be more transparent about their intentions with their managers plus take more control of the later stages of their careers provide more visibility to their employers enabling effective succession and workforce planning.
Amelia Brand is the Editor for HRreview. With a master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at the University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.