UK pensions: Three-quarters of UK employees are anticipating being worse off in retirement than their parents, and those who are worried about money are more likely to be out of the office unwell
Sons and daughters spend much of their childhood trying to imitate their parents, but their inability to mimic their pension pot has left them with a sense of worry.
Research released today by professional services firm Willis Towers Watson has discovered that almost three-quarters of UK workers think that their parents' generation will benefit from a much more comfortable retirement than they will, while employees in their 30s regularly worry about both immediate and long-term finances.
"The immediate financial priorities facing employees in their 20s and 30s – including student debt, housing deposits and childcare costs – can make it difficult to prioritise long-term issues such as retirement savings," remarked Minh Tran, senior consultant at Willis Towers Watson.
UK employees are also concerned about how to best budget their pension savings, with just over a third (39 per cent) estimating that they'll run out of cash just 15 years into retirement and over half (55 per cent) predicting they will have spent every penny within 25 years.
Read more: Over one million Londoners have lost pension pots
Fretting about finances has a knock-on effect for people's working lives, with 39 per cent of workers who are struggling with their finances saying it stops them from doing their best at the office.
Meanwhile, people with money worries took an average of seven days a year off sick, while those less fazed by money matters took an average of three.