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One in five over 50s have not started planning for retirement

adamlewis
Written By:
adamlewis
Posted:
Updated:
24/03/2016

One in five Brits (22%) over the age of 50 have not started planning financially for their retirement according to a study from Barclays Stockbrokers.

According to the study of 2,006 adults aged over 50, while 97% of those asked said planning properly for their retirement was very important to them, more immediate demands on their money meant that one fifth had made zero plans for it. Meanwhile more than one in 10 (15%) said they hadn’t given it any thought.

Of those over 50s still working, nearly a third (32%) said they had no idea when they will be able to retire, while one on 10 said they hadn’t even thought about retirement.

Clearing debts and having more money would encourage one in five (18%) of over 50s to either start saving or increase their saving towards their retirement, while a further 16% they would start saving or increase their saving if they got a pay rise. If their employer matched their contributions, 9% of those asked said they would be encouraged to start or increase their saving.

Catherine Penney, vice president at Barclays Stockbrokers, said: “It is extremely concerning that so many people approaching their retirement have not put in place the measures necessary to ensure that they are able to look after themselves financially in their old age.

“The unfortunate reality is that, with so many people facing much more immediate demands on  their money, such as mortgage repayments or paying for university, it is only natural that these later life concerns can fall by the wayside.”

Penney says the introduction of the Lifetime ISA in last week’s budget will “hopefully” make retirement planning considerably easier for the next generation. She describes it as a “significant move towards further flexibility in pensions and hopefully encourage younger people to take charge of their financial future.”