Health not wealth is the new lifestyle priority for the over 40s heading for retirement, says a new study.
While 44% of the over 40s are working out and looking at a healthier lifestyle, only a third are crunching numbers to increase their wealth for their later years.
Surprisingly, even six out of 10 of those setting financial goals for their savings and pensions are benchmarking their bank and fund balances to make sure they can hit their wealth objectives.
Around the same number of 55 to 64-year olds who are much closer to retirement are failing to check their saving and investment levels regularly.
What 40-year-olds worry about
In a study that looked at the lifestyle and financial concerns of the over 40s, pension provider Prudential found that more were worried about their mental and physical health rather tzhan their money.
- 44% were concerned about their health
- 39% had set financial goals
- 36% worried about their current finances
- 32% had fears about their mental health
- 23% had debts worries
- 21% started taking part in a sport or other healthy activity since turning 40
Kirsty Anderson, retirement expert at Prudential, said: “Changing lifestyle and improving physical health will make a major difference to millions of families across the UK and it is encouraging that so many over-40s are taking action.
Peak earning power
“People are living longer but that is no benefit if they are unwell in old age and the same applies to not having enough retirement savings to ensure you have a comfortable standard of living.
“Of course, people cannot tackle all the issues at one time which is why it is so important to focus on a range of small steps such as regularly checking your retirement savings so that you can tackle the really big health and wealth goals.”
Hitting the age of 40 seems to trigger retirement savers to take professional financial advice.
The Prudential reports one in five started seeing a financial adviser or consulting one more often after passing 40 years old.
Official figures show that workers reach their earnings peak at around 38 years old and should have excess income to put aside as a pension, investments or savings for their retirement.