Over 60s plan to ‘spend, spend, spend’ during retirement – finds survey by McCarthy & Stone Money
01 February 2013
Six out of ten over 60s plan to 'spend, spend, spend' during their retirement - and leave nothing for their family in their will, it has emerged.
A detailed study into the financial stability of 1,000 adults over the age of 60 found many have a 'live for today' attitude to their twilight years.
Only one in four of those who took part in the survey revealed they are doing all they can to ensure they leave their children and grandchildren in a strong position.
Worryingly though, more than half of those who were polled said they were so concerned about their financial future that they had sat their children down to discuss potential eventualities.
The report was published by McCarthy and Stone Money to mark the launch of their mini financial planning guide to help people plan for their retirement.
Yesterday Ali Crossley, Executive Director of McCarthy & Stone, said: "As experts predict that life expectancy will continue to increase, people cannot afford to bury their heads in the sand about the way they will manage financially in their retirement years.
''They need to discuss these issues with their family and put clear plans in place.
"Our research shows that although many older people worry about how they will cope in later life and do not want to become a burden to their children; a concerning proportion of them do nothing about it. The research also found only one in four of the over 60s have made a will.
''There are many reasons why people of all ages may not make a will, ranging from concern about legal costs to apathy and a fundamental misunderstanding about what will happen if they die intestate (without a will).''
The report also revealed that loss of independence and ill-health are bigger retirement worries than the financial aspect.
Other main concerns were not wanting to be a burden on the children and not being able to afford nursing home fees.
A large percentage of those who haven't discussed their future with their children said they hadn't done so because they didn't want to worry their children by revealing their long term fears.
The report also revealed almost four out of ten of those polled were able to retire between the ages of 56 to 60, while just over three out of ten gave up work between the ages of 61 and 65.
Other positives were that many (26 per cent) were looking forward to being able to enjoy their hobbies more, while 25 per cent said more freedom was important.
The free mini guide to financial planning for later life can be obtained by calling Freephone 0800 919 132 or emailing firstname.lastname@example.org.
For more information:
Andrew Baud, email@example.com, 020 3397 3383 or 07775 715775
Becky Charman, firstname.lastname@example.org 07957 474568
Notes to Editors
McCarthy & Stone Money provides financial planning services to people in later life. The company offers a range of financial services that are tailored around the customer to enable them to make the right choices when making important decisions about how to support their retirement lifestyle:
• An annuities comparison service.
• An equity release service.
• Later Life Planning services such as Will writing and the preparation and registration of a Lasting Power of Attorney (Property & Finance), as well as thoughtful and cost-effective support with planning a funeral.