New research reveals more than half (57%) of those aged 40-plus in the teaching and education industry believe they will have to work past retirement age in order to have enough savings to enjoy the lifestyle they want.
The national study of 2,000 adults aged 40 and over, commissioned by Leeds Building Society, also revealed that 40% of employees in the teaching industry say their biggest regret is not saving enough money when they were younger, with (17%) specifically stating not saving enough to retire early.
Having a happy and active future is on the minds of many 40-plus year olds in the industry, 48% are saving for a comfortable retirement, with a quarter (25%) of respondents also saving money to travel the world. In addition, almost a third (30%) are saving for home improvements and to support their children.
However, despite having less free time, the study revealed it’s actually those currently still in employment across the UK who are worrying most for the future, compared to those who are already retired. Employees spend on average twice as many hours a week worrying about the future, with workers revealing they worry 150 hours extra a year on average than those who are retired.
Looking at what people are worrying about most in the teaching and education industry; loneliness (35%) and outliving their savings (23%) are a bigger concern than death (22%). In addition 17% are anxious about losing their purpose, 11% dread not seeing their family as much and one in 10 worry about being bored.
Annabel Simons, 59, is a founder of the lifestyle blog for women over 50, The CountryWives. She set up the website with a friend in 2010 and over the years, it has morphed into a leading online weekly magazine sharing useful ideas, inspiring stories, recipes, tips and advice. She commented: “We started The CountryWives as a way of keeping in touch with friends, and with a lot of self-teaching and financial investment, it’s grown to the site it is today.
“In the first few years, I had to rely on savings to maintain the blog. However, I had to be very careful not to invest too much money into it, and stick to what I could realistically afford.
“Now I’m much more confident in my writing and it’s made me realise it’s something I thoroughly enjoy. The CountryWives has really expanded my horizons and it allows me to continue to write and meet new people who are completely different to my close friends.”
Thinking about enjoying retirement, when asked to choose who they trust most to look after their pension fund out of a bank, building society or pension provider, 62% of respondents who selected one of those options said either a bank or a building society over a pension provider.
When asked why, over half (55%) said they feel more control of their own money and 49% also said they would have easier access to their funds. Plus more than a third of those retired (36%) said they have the best relationship with their bank or building society.
Richard Fearon, Chief Commercial Officer at Leeds Building Society commented on the findings:
“It’s completely understandable that many respondents have concerns about the future but it’s really positive to see that once people do retire, they worry a lot less.
“We’ve spoken with a number of inspiring people in their 50s, 60s and 70s who have shown how savings can help them carry on enjoying their life and do the things they perhaps didn’t have time to do when they were younger.“
For more inspiration on how to make the most of your retirement with your savings, click here to find out how several inspirational people are having the best years of their lives.
About Leeds Building Society: Leeds Building Society was named Best Building Society Savings Provider in the Moneyfacts Awards for 2017, after also winning this title in 2016. Leeds Building Society operates throughout the UK, Gibraltar and Ireland and has assets of £18.5bn at 31st December 2017 (£15.9bn at 31st December 2016). The Society’s head office has been based in the centre of Leeds since 1886.