A third (32 per cent) of those who are still working have joined or are planning to join the ‘gig economy’ – working for companies such as Deliveroo and Uber.
Abrdn’s report found that just a quarter (25 per cent) of this year’s retirees feel very confident they have saved enough to fund their retirement – compared to nearly a third (30 per cent) in 2021.
The firm said the rising cost of living is likely to be a key factor in this drop in confidence – with more than a quarter (27 per cent) saying they do not know how to mitigate the impact of rising inflation on their retirement income.
For one in five (20 per cent) their main source of income is their state pension, which is currently struggling to keep pace with inflation and four in five (82 per cent) have not sought any professional advice about their plans to retire this year.
One in 10 (9 per cent) also admitted they have not spoken to anyone about it – not even friends or family.
Dyer added: “Lots of people are not seeking any professional help with their retirement plans, and with the current pressures of the cost-of-living crisis, this could put them in an incredibly vulnerable position.
“More needs to be done to make seeking advice the norm and seeking it earlier to ensure retirees feel confident both financially and emotionally as they approach this new chapter in their lives.”
sonia.rach@ft.com
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