Quarter of retirees financially struggling despite paying off mortgage
Urgent need for effective financial strategies and support systems to ensure a dignified and secure retirement According to a new study[1], around 21% of retirees say that, after paying off their mortgage, they are “unable to live fulfilling lives” due to insufficient retirement funds. This situation underscores the financial challenges many retirees face, even after […]
Financial planning conversations you need to have
Protecting your legacy and boosting your children’s financial security Discussing finances can evoke anxiety or discomfort, and this tension doesn’t ease when family members are involved. Nevertheless, parents of adult children are responsible for discussing their financial future—particularly retirement and estate planning. Doing so ensures their children can provide support or fulfil their wishes as […]
Retirement experience among over 55s
Money, or lack thereof, a significant driver of overall retirement satisfaction Given the ongoing economic pressures of rising living costs, over 55s were asked how they find the overall retirement experience. The research found that four in five (79%) of over 55s who have retired did so without the help of financial guidance or advice, […]
Young women and retirement
How much income will you need for a comfortable retirement? Almost a quarter (23%) of women in their 20s (aged 22-29 years) would be frustrated if they couldn’t retire by the age of 60, according to new research[1]. Despite this, 10% of this group have opted out of their employer’s pension scheme, further risking their […]
State pension awareness
What payments can you expect to receive from the government later in life? In April 2024, the state pension rose by 8.5% to £11,502.40 a year for post-2016 retirees. However, according to new research[1], one in seven (14%) retirees receive less money from the state pension than expected. This highlights the need for more information about the […]
Changing retirement trends
Why the concept of a ‘hard stop’ retirement is becoming less prevalent New research reveals that more than a quarter (28%) of individuals aged 25 to 54 do not foresee a complete retirement in their future[1]. This suggests the concept of a ‘hard stop’ retirement is becoming less prevalent among those considered to be in […]
Many Britons unaware of incorrect tax codes
What you need to know to avoid discrepancies and potential financial strain According to research[1], almost a third of UK adults who have checked their tax code (31%) have found that they have been on the wrong one at some point. Additionally, one in six (15%) UK adults do not know if they are on […]
Building financial confidence in children
Sharing values and encouraging children to formulate their own Having a conversation with children about money early on helps them to build financial confidence and learn foundational principles that will be useful for years to come. It also allows parents to share their financial values and wishes. We look at some practical ways this can […]
Retirees supporting family and friends financially
Nearly 40% support grown-up children, a spouse or partner, a parent, an elderly relative, or a friend When times are hard, it makes sense that families will look for ways to support each other emotionally and financially. And if you’re one of the many retirees supporting family and friends financially, you’re not alone.
Downsizing in later life
Research highlights what people consider before making the decision Data has revealed that while a third of over-45s (29%) say they have plans to downsize in the next five years, just 13% of over-75s have actually made the move[1]. As people assess their retirement finances, the research highlights the ideal age to downsize is 66. […]