A third (32%) of UK workers aged 40 and over have expressed concerns about the adequacy of their retirement savings for enjoying future Christmases, My Pension Expert has revealed.

The firm’s commissioned survey of 2,000 adults also revealed that over three in 10 (31%) said spending more during the Christmas period makes them more anxious about the state of their finances.

Furthermore, nearly half (46%) of those surveyed stated they feel that economic challenges like high inflation and rising interest rates have made it more difficult to prepare financially for Christmas.

The research also uncovered that 30% of over-40s in the UK intend to tighten their belts by spending less than Christmas compared to last year.

Policy director at My Pension Expert, Lily Megson, said: "It’s been a difficult year for pension planners and unfortunately, the festive season offers no respite. Economic hurdles, such as high inflation and rising interest rates, have understandably cast a shadow of uncertainty over the holiday season for a significant portion of UK adults for another year.

"It’s clear that those preparing for retirement need to be supported through economic uncertainty, helping them make the most of their budgets without sacrificing their usual festive activities. In this context, the value of professional financial advice shines through.

"Independent financial advice can help people feel more financially confident and enjoy the festive period without constantly worrying about how spending will impact their financial futures. The holiday season should be a time of joy and celebration, and financial advisors play a crucial role in ensuring that individuals can experience it without the burden of financial concerns."

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