The Hartford discovers retirement fears

03/09/2008

Over half of women approaching retirement age have "significant" concerns about running out of money when they get older.

According to research from Hartford Life, 54 per cent of women aged between 45 and 54 are either "somewhat" or "very" concerned about their retirement finances.

Moreover, 45 per cent of men in the same age group were found to feel the same way.

When asked if they were "afraid" to move off a working salary and on to a retirement income, 26 per cent of women and 15 per cent of men said that they were.

Michael Rudge, UK managing director of the Hartford, said: "It is entirely understandable that women are now worrying more about retirement than men. In addition to living longer than men, women often appreciate the cost of living more.

"While the research shows that women are more worried than men about some aspects of retirement, their worries are not unfounded. Women are paying more attention now than ever before on how to save but, especially in the 45 to 54 age bracket, often have so many pressures on both their time and money that they can find it difficult to plan for retirement."

The poll was carried out in collaboration with YouGov.

Tags; Income Worries and Debt, Retirement Money Problems,

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