Britons rank wealth above health for retirement happiness
Financial security is seen as the key to happiness in retirment, according to the poll.
Tuesday, 16, Mar 2010 10:30
By myfinances.co.uk staff
Having financial security has been named the most important factor for a happy retirement in a new poll of British employees.
The survey by the National Association of Pension Funds (NAPF) found that 71 per cent believe having enough money to maintain their lifestyle will be the key to contentment when they stop working.
Being in good health was second on 69 per cent, followed by having the opportunity to travel more (48 per cent) and spending time with family and friends (45 per cent).
However, despite the perceived importance of financial security to a happy retirement, only 34 per cent of respondents were confident that their current pension arrangements would adequately provide for them. This figure fell to 21 per cent among women.
NAPF chief executive Joanne Segars said having wealth in later years is so important to Britons because it "lays the foundation for future life after work".
"The challenge for the next decade is closing the gap between what people want in retirement and how confident they are in getting it, even more so for women," she commented.
Figures from Research Plus for Prudential indicate that men retiring this year can expect an average annual income of £19,593 from their pension, while women will typically receive £12,169 a year.