We know that people in their 50s face increasing financial pressures in their day to day lives, and planning for a secure and fulfilling retirement can be an added challenge.
Everyone has their own hopes and goals for their future, but what do those approaching retirement believe their future looks like? We’ve asked hundreds of people aged 50 plus what they think…
…scroll down the page to find out more!
More than nine in ten people over 50 told us that being financially comfortable in retirement is their most important long-term financial goal.
But this involves a careful balancing act alongside other priorities and commitments…
want to maintain their current lifestyle now
are keen to prioritise a better work-life balance
are thinking about healthcare provision in older age
of homeowners are focused on paying off the mortgage
want to help their children and grandchildren financially
say looking after their parents is a priority
are keen to increase their spending on luxuries and leisure
Almost one in four in their 50s
don’t know how they’ll fund their long term goals
And this jumps to more than two in five renters who don't have property wealth
Compared to two in twelve homeowners
Those in their 50s have hit a pessimistic peak, with almost half believing that their financial situation will get worse in the next year.
“In the next 12 months…”
Over a quarter (26%) of people in their 50s are still renting and the perception is that it’s become far more difficult to get on the housing ladder in the last ten years.
People's perception of getting on to the property ladder based on when they bought or will buy
For people whose parents rent, they’re much more likely to be a renter themselves.
of people who rent have parents who rented
of homeowners say their parents rented
Ian and Tina spoke to us about why they like renting
Currently renting, they find this lifestyle suits their way of living and fits around Ian’s future career plans, but they are concerned that renting means they won’t have a property to leave as an inheritance for their children. Click play to hear more.
Property remains a core component of household wealth and for those unable to buy the impact on their retirement of not owning a home is a worry.
of non homeowners are unable to buy
of non homeowners have chosen not to buy
17% still plan to buy a property and 19% did not know if they plan to buy a property or not