Credit, collections & insolvency news
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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One in five (19%) people have spent sleepless nights worrying about retirement planning, as two thirds of people face into retirement planning without support according to new research from Standard Life. The research found that nervousness about preparing for retirement has further negative consequences, with 15% reporting poor mental health and 13% saying they have…
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New research by My Pension Expert has revealed that over-40s are facing retirement savings anxiety this Christmas. The research found that 37% of UK over 40’s say that during the Christmas period they recognise the significance of financial security in retirement. 31% of over 40’s say spending more during the Christmas period makes them more…
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Almost half of people approaching retirement (49%) are rethinking their plans as the high cost of living bites into their everyday finances. Research carried out by LiveMore among people aged 50-79 found that 26% have been forced to postpone their retirement while 23% are seriously considering delaying it. In addition, 7% have taken on more…
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Research carried out by Opinium on behalf of Hargreaves Lansdown has found that only 61% of people said they thought it was a realistic prospect they could cover their bills in retirement. Less than a third (29%) thought they would not need to worry about money and less than half (45%) thought it was a…
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