Wealth is more important than health for retirees, says National Association of Pensions Funds report

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

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

But just 34% of people are confident that their pension will give them this financial security. Among women this figure drops to 21%.

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 also reveals half of respondents said they would like to travel the world during their retirement 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.