New research, commissioned by Leeds Building Society, has found more than half (60%) of those working in the retail industry, who are aged over 40, believe they will have to work past retirement age to save enough money to enjoy a better lifestyle in later life.
The national study of 2,000 adults aged 40 and over also revealed that 48% of employees in the sector say their biggest regret is not saving enough money when they were younger. Around 26% of those surveyed regretted not saving enough money to retire early.
Employees aged over 40 were found to be concerned about having money for the future, with 40% saving for a comfortable retirement while around a quarter (27%) of respondents said they were saving for home improvements.
The survey also found that 24% of those aged 40+ are saving to support their children and almost a fifth (19%) are saving to travel the world.
However, the study found that employees in the retail industry aged under 40 spend on average twice as many hours a week worrying about the future. In general, those surveyed revealed they worry on average 150 hours extra a year than those who are retired.
Loneliness (32%) and outliving their savings (28%) topped the list of things workers in the retail industry worry about, with 15% of respondents saying they are anxious about not seeing their family as much and losing their purpose in life.