More over-40s are working to improve health than retirement savings

New research reveals…

Over-40s are increasingly looking to improve their physical health but their financial security is less of a priority, according to new research by life and pensions giant Prudential. 

Its nationwide study of working over-40s shows more than two-fifths (44 per cent) have recently started focusing on improving their physical health but improving their future financial security is receiving less attention with only 34 per cent saying that turning 40 has spurred them on to sort out their retirement.

Additionally, 58 per cent admit they rarely or never check the value of their retirement savings. Even those aged 55 to 64 do not pay much attention to their pensions with 60 per cent admitting they seldom look at their savings.

In support of world-class festival of cycling, Prudential RideLondon, taking place between 28 and 30 July, Prudential conducted the study to highlight the need for the over-40s to take small steps to achieve bigger goals.

As part of its sponsorship of the event, Prudential is supporting the Fixing Challenge building on the success of the TV documentary Fixing Dad, where filmmakers Anthony and Ian Whitington helped their dad Geoff regain his health and reverse his type 2 diabetes through significant changes to his diet and lifestyle. The Fixing Challenge is mentoring four riders in this year’s event, all of whom are over the age of 40 and have committed to taking steps to improving their future physical health.

The research shows plenty of good intentions among those aged 40-plus with 81 per cent saying physical health is a major priority while 69 per cent claim that planning for retirement is a major focus. And it reveals a range of worries as the table below shows.

OVER-40s CONCERNSPERCENTAGE CONCERNED
Physical health44 per cent
Plans for future financial security39 per cent
Current financial security36 per cent
Mental health32 per cent
Debts23 per cent

Kirsty Anderson, retirement expert at Prudential, said: “Changing lifestyle and improving physical health will make a major difference to millions of families across the UK and it is encouraging that so many over-40s are taking action.

“People are living longer but that is no benefit if they are unwell in old age and the same applies to not having enough retirement savings to ensure you have a comfortable standard of living.

“Of course, people cannot tackle all the issues at one time which is why it is so important to focus on a range of small steps such as regularly checking your retirement savings so that you can tackle the really big health and wealth goals.”

The Prudential research found one in five (18 per cent) of over-40s have started seeing a financial adviser or seeing one more regularly recently while 21 per cent have taken up a new sport or activity since turning 40.

 

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