Wealth more important than health for happy retirement

Almost three-quarters (71%) of employees say that being financially secure would make them happy in retirement according to new research from the National Association of Pension Funds (NAPF).

Financial security was voted above all other essential ingredients for happiness in retirement, including being in good health (69%), being able to travel (48%) and being surrounded by family and friends (45%).

However, just 34% of people are confident that their pension will give them this financial security.  And just 21% women are confident that their pension will give them financial security.

NAPF Chief Executive, Joanne Segars, said: "In the retirement happiness stakes, wealth edges ahead of health because it lays the foundation for future life after work.

"The challenge for the next decade is closing the gap between what people want in retirement and how confident they are in getting it, even more so for women.”

The research is published on the day that TV psychologist and author, Oliver James, addresses the NAPF's Investment Conference in Edinburgh on the key to well-being for pensioners and working people.

When asked how they would spend their retirement about half of respondents said they would like to travel the world or simply spend more quality time at home. About a quarter said they would spend time helping others - by doing voluntary work or looking after children.

When asked what they would miss about working when they retire, they highest scoring responses were "mixing with colleagues" and "having a secure income".

One in seven (13%) said the thing they would most miss about no longer working is getting time away from their partner!