Men happier in retirement than women, more financially secure

It’s official – men are happier in their retirement than women. A new study of 678 retirees commissioned by Skipton Building Society in the UK explored all aspects of retirement and found that for men, the twilight years are amongst the best of their life.


Women worry in later years

According to the study, 48 percent of men thoroughly enjoy their retirement including getting their teeth into new hobbies and interests, and are happy to spend time chilling out at home, compared to 38 percent of women. The women are more likely to spend their later years worrying about their lack of income, and feeling frustrated at the need to watch every penny. They are also more likely to feel lonely in retirement, wishing they lived closer to their family. The survey showed 32 percent of women feel lonely, compared to a fifth of men who say the same – the average man is happy to socialise with his closest friends regularly.

Also, three quarters of men added they have absolutely no worries about the future, and feel they are sitting comfortably financially. Four in 10 men have decided not to spend all their time worrying about what money they do and don’t have, and 34 percent hate shopping anyway (which probably comes as no surprise).

Stacey Stothard, corporate communications manager at Skipton Building Society, said: “Although many women do enjoy their retirement, this study shows they tend to worry more than men about certain things. Despite more women than men feeling ready to leave their jobs in the first place, they go on to miss more aspects of work than men do.”

She added: “After spending between 20 and 40 years in employment, it can be a shock to the system to find you have 24 hours a day, seven days a week to yourself. This newfound freedom gives women plenty of time to think about money worries, boredom and ill-health.”

The study also revealed that for women, a happy retirement relies on a good social life – 56 percent try to regularly meet up with friends, compared to just 33 percent of men.


Women miss the work banter

Other interesting figures:

• When it comes to missing aspects of work, 62 percent of retired ladies admit they miss the banter they shared daily with colleagues, in contrast to 44 percent of men.

• Eight in 10 women sadly feel that they have no purpose left in life now that they aren’t in employment, compared to just 54 percent of men.

• While 73 percent of ladies and 65 percent of men say they do have a good circle of friends to rely on, six in 10 men and women say their social life has petered out since retiring.

• Men are more likely to book holidays during their retirement than women – 60 percent compared to 51 percent of ladies.

• Men are more likely to spend their time walking and hiking, visiting historical landmarks and finding things around the house to fix. Women are more likely to cook, tend to the garden, settle down with a good book or take up extra clubs to while away the time.

Skipton’s Stothard said: “Everyone should aim for a happy retirement – you’ve worked hard all your life so surely you deserve that? While there will always be some factors outside of your control, there are plenty of others that aren’t. For today’s and the next generation of retirees, it’s quite feasible you could spend a third of your life in retirement so your post-work years really are what you make of them.

She stressed the need to plan early on and then you are able to identify areas of possible unease such as money, shared interests, travelling, family commitments, and consider their significance. “Couples who do this, regardless of how much money they have, are more likely to enjoy a happier retirement than those who haven’t given much thought to their post-work years.”

(* PHOTO CREDIT: old man 1, pepo, stock.xchng)

(** Special thanks to 72Point Digital Hub.)




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