Credit, Collections & Insolvency News
New research from PensionBee has found that for most adults, owning a home outright is considered more important than preserving their pension and is worth sacrificing retirement years to achieve. PensionBee’s survey of 2,000 UK adults found that 45% cite outright home ownership as the most important factor for retirement security, compared to 36% who…
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New research from Standard Life has found that among those aged 55-70 with a defined contribution pension found 90% of those yet to retire want to have their finances as simple and straightforward as possible before retiring, whilst over half of all those aged 55-70 with a DC pension (54%) view retirement as an opportunity to…
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More than six million people who expect to pay housing costs in retirement don’t know how they’ll afford them, according to the latest research from Royal London. The research found that around one in three UK adults (34%), equivalent to 18.7 million people, either expect to pay housing costs in retirement or are already doing so. Four in ten (39%) of the approximately 16…
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Rents are expected to more than double over the next 20 years, taking the total cost of renting in retirement to around £419,000, according to new analysis from Standard Life. This is set to place significant pressure on retirement incomes, with renters facing materially higher financial requirements than those who own their homes outright. The analysis…
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New research by Aviva and Age UK has found only half (48%) are confident they are on track to make their private pension savings last for life. Just over a quarter (26%) reported feeling financially secure, with women (19%) feeling less financially secure than men (32%). The research surveyed 1,000 mid-retirees aged 65-75 who have…
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One in seven retirees are returning to work or are considering doing so, with financial pressures, a lack of pension provision and desire for social connection driving this, according to new research from Standard Life. 7% of retirees aged over 55 have already gone back into work, with a further 2% actively looking for employment.…
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One in three are unhappy with their finances and 35% fear they won’t be able to afford the retirement they want according to research by Oxford Risk. The data showed that over-55s are struggling in the run-up to retirement with just two out of five (38%) clear on how much money they will need when…
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A fifth of people (20%) over the age of 55 have consistently spent more than they’d expected to during their retirements so far, with an additional 11% expressing that this occurred early on in their retirement, according to new analysis by PensionBee. Daily living expenses emerged as the largest financial burden for retirees, with 28%…
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More than half (54%) of UK retirees expect to work longer than they would like, on average by seven years, highlighting a worrying gap between people’s desired retirement age and the adequacy of pension savings. In addition to that, over a quarter (27%) of those who have made retirement plans don’t feel that they would…
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Latest data from Hargreaves Lansdown’s (HL) savings and resilience barometer has put the cost of a moderate retirement income at £25,000 per year for a single person and £36,480 for a couple. The research suggests that 38% of households are on track for a moderate retirement income. It is thought that retirement costs have soared…
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Latest research from Phoenix Group has found a huge difference in perceptions around how people have retired in the past, and what this could look like in future decades. A ‘hard stop’ or ‘transitional’ retirement is seen as the most prominent way people have moved into retirement over the last 50 years but is expected…
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Two in five (40%) of the retired population in the UK have some form of retirement regret according to research by Canada Life. Canada Life asked current retirees if they would do anything differently in how they approached their retirements, and two in five (40%) said they would have done. Almost one in five retirees…
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Research by SmartSave, a Chetwood Financial company, has found that more than two in five adults believe they will leave the workplace either at the current retirement age (66, rising to 67 in 2026) or before, despite many of them not having a clear financial plan in place for retirement. The digital bank commissioned an…
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