Half of women approaching retirement are worried about running out of money in later life
Half of women approaching retirement are worried about running out of money in later life, according to a report by the Equity Release Council.
Headlines:
- 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 full report, click here.
Kindly shared by The Equity Release Council
Main article photo courtesy of Pixabay
