A study of 2,000 UK adults finds that nearly one-fourth of men over the age of 50 have had to take time out of work because of their mental health
New research to mark International Men’s Day has found that men’s pension pots are under threat because of poor mental health.
A study of 2,000 UK adults, commissioned by Skipton Building Society, finds that nearly one-fourth of men over the age of 50 have had to take time out of work because of their mental health.
Skipton says many men are facing the double-whammy of day-to-day cashflow concerns and concerns over their retirement income.
According to data from Skipton’s charity partner, Mental Health UK, one in eight men will struggle with a mental health challenge – but this figure could be even higher with Mental Health UK reporting that men do not often report their experiences.
The average pension pot, as per Skipton’s data, for a man over 50 is £63,222. Nevertheless, taking time out of work potentially means a break in pension contributions, a vital means of saving for retirement.
As per the survey, 44% of men are concerned they would not be able to afford the retirement they had always hoped for and 18% generally feel pessimistic when it comes to retirement.
On top of unexpected career breaks, over half of men polled said they feel like the cost of living is outpacing how investments are performing, while three in 10 said they’d expected to be earning more at this point in their career.
But eventually, 27% of men did not start seriously thinking about pensions and retirement until later in life.
Helen McGinty, head of financial advice distribution at Skipton, said: It may come as a surprise that some men may be facing a less comfortable retirement because of their mental health. It is great to see men taking the time to focus on themselves and their wellbeing, so it is important to ensure they are given the support they require to make up any pension deficits later down the line.
We know there are moments in life that are just unpredictable. That is why I cannot stress enough that it is never too early to think ahead and get planning for that retirement you are dreaming of. By committing a bit more to your pension in your twenties, you could start building a buffer for those unexpected breaks.