Half of women are worried about running out of money in retirement
SunLife’s Life Well Spent report surveyed more than 2,000 people over the age of 50, and found that 44% of women say running out of money during retirement is the financial concern that worries them the most. In comparison, one in three men (36%) have the same concern.
The data also found that 33% of women over 50 are relying on the state pension alone, compared to just 20% of men, and amongst those who have already retired, 24% have no private pension.
Women over 50 are also more anxious about the ongoing cost of living crisis – eight in 10 (79%) said rising costs were a major concern for them, compared to seven in ten (71%) men.
Paying for long-term care is also a bigger concern for women, with 25% having concerns versus 19% of men. Overall, just one in 14 (7%) women over 50 have no financial worries at all – half the number of men of the same age who are money worry free (15%).
Helping out family financially
According to SunLife’s study, more than a third (35%) of women over 50 are worried about how their children and grandchildren are coping financially, compared to 23% of men.
SunLife’s study found that while men and women over 50 are equally likely to have given a significant cash gift to family over the past five years, women are more likely to have done so to help family out. One in four women have helped family following job loss or reduced income compared to one in five men.
Of those who have gifted cash, 25% of women over 50 gave money to family following the birth of a child, gifting £2,522 on average compared to 20% of men who gave £1,464 on average.