Saving money rather than spending it is top priority for thrifty retirees
Saving money to ensure they have enough to live on is a top priority for six in 10 retirees, according to research from Prudential.
The insurer’s Class of 2012 study, which looks at the finances and expectations of those planning to retire this year, also found that women are more likely than men to prioritise saving during retirement – 62% of women will make this a priority compared with 52% of men.
Although saving money is a key focus, those intending to retire this year are still determined to have a fun-filled retirement. More than a third say that spending money on travelling the world will be a priority for them, while 43% will make spending money on enjoying themselves a priority.
Vince Smith-Hughes, retirement income expert at Prudential, said: “Today’s retirees are likely to spend longer in retirement than previous generations so it is encouraging to see that they understand the importance of saving money to ensure they can live comfortably. Saving shouldn’t be regarded as something that suddenly stops once you retire, and the current generation of retirees seems to be more aware of this than ever before.”