Research from Nottingham Building Society shows that this rises to 28% of over-60s and 15% fear that they will have to work longer than they would like.
Over one in 10 adults were concerned about how they would afford care in old age, and one in eight reported worrying about becoming a financial burden to their families. The latter goes up to 43% for those in their 80s.
A third of older people said that they wish they had started saving earlier, and a similar proportion wish they had saved more and more regularly.
More than a third said that they wish they had put more into the pension, and a fifth said they regretted not building an emergency fund sooner.
Looking more broadly, nearly three quarters report they are losing sleep over money concerns.
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The biggest concerns were around savings, with a third worrying they are using up too much of their savings to cover rising cost of living costs, and a quarter said running out of savings worried them.
Almost a fifth said they were concerned about how inflation was eroding savings, with the latest figures showing that it is stable at 3.8%.
Approximately 42% of over-60s are worried about their savings running out, nearly double the proportion of 18–24-year-olds at 22%.
Furthermore, almost half of older adults say the rising cost of living is forcing them to dip into savings more than they would like, compared with just 20% of Gen Z.
Harriet Guevara, chief savings officer at Nottingham Building Society, said: “Money worries affect most people at some point, but our research highlights just how many are losing sleep over their finances – particularly older adults who fear their savings won’t last.
“The message from those in later life is clear: starting to save earlier, putting money aside consistently, and being disciplined with spending can make a real difference to both financial security and peace of mind. Even small, consistent contributions can add up over time and make a noticeable difference, with many reflecting that building an emergency fund and planning for unexpected costs would have helped them sleep easier and feel more in control.
“For younger savers, this research is a reminder that habits formed now will pay off in the future. There are many tools and resources available to help people understand their options and make informed choices. Building a regular savings habit, no matter how small, can reduce stress, improve sleep, and give people greater control over their money – whether that’s saving for retirement, supporting family, or simply enjoying life with peace of mind.