PEOPLE WHO are approaching retirement age are less confident about their financial situation than those who have already retired, according to the Standard Life Financial Confidence Index.

The study of 1,000 adults found that those aged 45-54 scored an average of 45.3, nearly 19 points below those in retirement, who scored 64.2. The average score was 52.1.

According to Brendan Barr, head of marketing at Standard Life, the results were unsurprising. “ probably have their mortgages paid off and their kids are no longer dependent. Many retired people over 65 are also in receipt of an attractive State pension.” In contrast, most people in the 45-54 age bracket have financial pressures such as higher mortgage costs, falling house prices and higher costs of education, he said.

The study revealed Irish men are more financially confident than women. While men scored an average of 55.6 – three points higher than a year ago – women scored an average of 48.6, a fall of 0.6 points from March 2011.

On a regional basis, those living in Dublin were the most financially secure, scoring 54.7, while those from the rest of Leinster scored 49.9.