Workers approaching retirement are the age group with the most concerns about having enough money to see them through their later years.
One in three aged between 55 and 64 years old are concerned that rising inflation will eat into their spending power during the next 12 months, compared to 29% of those who have already retired.
Consultants PwC, who conducted the research, says this reverses conventional views that pensioners are the age group most worried about their finances.
“In a trend that started last summer, pre-retirement baby boomers are now the most pessimistic age group,” said Kien Tan at PwC.
Falling Pound pushes up prices
“This may reflect their concerns over forthcoming retirement, while over 65s will have benefited most from the ability to withdraw from their pension pot, as well as the triple lock policy of the past few years.”
Other age groups are more optimistic about the state of their retirement finances.
The youngest, aged 18 to 24, expect to be much better off and only 19% reckon they will have less disposable income during retirement, while 22% of 25 to 34 year olds fear the worst.
Inflation is the main concern for those ready to retire as the falling Pound has pushed up prices of imports and made many goods and services more expensive.
The cost of living has risen to 2.7% year-on-year, the highest level since 2013.
In response, 55 to 64 year olds expect to spend less on everything other than groceries.
“In other spending categories, such as going out, big ticket purchases and clothing, at least a quarter of 55-64-year-olds expect to spend less in the coming year, compared with less than 10% saying they will spend more,” said Tan.
“This contrasts with under 25s, more of whom plan to spend more rather than less in categories such as beauty and personal care, clothing and accessories, and health and wellbeing, none of which are priorities for over 55s.”
The age group is split over holidays. Although a fifth of 55 to 64 year olds will spend more on holidays, almost a quarter plan to cut how much they spend on trips away due to money worries.