Seven out of 10 older workers have cut their spending, while four out of 10 have stopped saving for their retirement, according to new data.
The research by Just Group found that the cost-of-living crisis is having a significant effect on the 45-65 age group. Almost two-thirds (64 per cent) of this cohort say they are feeling anxious or stressed about their finances, while 57 per cent are concerned about its consequences for their retirement plans.
This is feeding into rising demand for employer support. Almost one in two (49 per cent) 45–55-year-olds surveyed believe their employer should provide financial wellness to support them through the cost-of-living crisis. This figure was 35 per cent among the 56–65-year-old age group.
Stephen Lowe, group communications director at retirement specialist Just Group, said: “It is unsurprising that workers starting to think about their transition to retirement are feeling the pressure both financially and mentally. They may be juggling kids, mortgages, a demanding job and maybe even care for elderly relatives – and the cost-of-living crisis will be an unwelcome additional burden.
“Employers who understand the pressures their workers are facing should be quick to acknowledge they have a role to play here. Employees tend to have a high level of trust in services that their employer provides and are more likely to engage with those services.”