Life's pleasures have taken a backseat as money worries cause concern among pre-retirees.
Britons approaching their retirement are now more concerned about making ends meet than they are about enjoying themselves, new research shows. According to the Hartford Financial Services Group, the shift in attitudes has occurred as a result of the economic downturn, which has put pressure on household budgets.
A survey carried out by the company shows that 59 percent of people over the age of 45 cite keeping up with day-to-day living costs as a primary retirement concern. This compares to just 29 percent who list having fun as an important priority.
The situation was radically different a year ago, when 47 percent of respondents said they were concerned about enjoying their retirement and only 40 percent were worried about meeting the cost of food, fuel and housing.
Michael Rudge, managing director of the Hartford's UK branch, said: "The credit crunch is significantly impacting people's ability to save for their retirement, with many people's priorities shifting to the more immediate concerns of keeping afloat."
Research carried out by Prudential reveals that in the last 18 months, pension contributions have fallen by 53 percent from a monthly average of £279.38 per person in March last year to just £129.35 today.
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