25 November 2020
Half of women approaching retirement are worried about running out of money in later life
- Proportion of over-55s worried about running out of money in retirement increases to over a third (34%) over the last year
- While concerns are rising fastest among men, working women remain the most anxious (48%)
- Women are also less likely to consider alternative sources of later life funding
- Almost half (48%) are worried about falling ill and having to pay for care
Women approaching retirement are facing a confidence conundrum: they are the most anxious about being able to afford a comfortable retirement yet are the least likely to consider alternative funding options to plug the gap.
A new report published today by the Equity Release Council (the Council) and Key – Pension / Property Paradox: revisiting the retirement confidence gap – looks at trends in older homeowners’ retirement financial plans and confidence levels over the last year.
It reveals the proportion of homeowners aged 55+ worried about running out of money in retirement has increased to over a third (34%), up from 27% a year earlier. Notably, these concerns are rising fastest among men, up nine percentage points over the last year to 32%.
However, women who are still working remain the most anxious (48%) – the highest proportion of any group in the study.
The research also highlights that women feel they have less power over choosing when they can retire. Less than half (41%) women still working are confident they will be able to afford to choose when they retire, compared to a majority (56%) of men still working.
To download the full press release click here.
To download full report click click here.