Happiness in retirement
We’re focusing on what’s needed so that more people can enjoy a good quality of life right into old age.
In the UK, we launched the Voice of New Retirement report in March 2016, highlighting that the experience of retirement is even better than people expected and suggesting that happiness and fulfilment peak in later life. It also exposed that a lack of preparation puts younger generations’ retirement dreams in jeopardy, and risks stacking the odds of enjoying a similar experience against them.
The Aviva study examines the life experiences and aspirations of over 6,000 UK adults in six areas that contribute to their overall happiness and wellbeing: finances, relationships, health, working life, leisure time, and vision (life ambitions and future planning).
The findings reveal how expectations of retirement are changing with almost two in three (62%) of today’s retirees feeling retirement is better than they imagined, including three in ten (29%) who feel it is much better.
We also found that there’s a clear link between people’s approach to planning and the probabilities of experiencing a happy retirement that exceeds expectations. Among those who planned well in advance 72% have enough money to enjoy a comfortable lifestyle. However, only 36% of retirees who left their planning until they retired are comfortable enough not to worry about money.
As Rodney Prezeau, Managing Director, Consumer Platform, Aviva UK Life, put it: “Planning ahead and taking matters into your own hands is becoming ever more important if you want to increase your chances of achieving a comfortable retirement. Aviva is committed to helping Britain save smarter and support people to ask the right questions and think ahead as far as possible to reach their retirement goals.”