One in three over 50s turn to stock market for income
Of those who have invested, 62 per cent have done so to get higher returns than those offered by savings account and 21 per cent want a regular income, the study by Saga Share Direct found.
Seven per cent merely keep an eye on the FTSE 100 as a hobby.
Saga estimates that around 11 million over-50s own shares, but not every holder purchased them directly. One in 13 inherited them from a family member and the same number acquired shares through their employer.
The figures also suggest a gender disparity in respect of investing, with men more likely to take an interest in the stock market. Three quarters of men say they have bought shares, compared to three fifths of women. Women are also more likely to inherit shares (13 per cent versus 5 per cent of men).
Jeff Bromage, chief operating officer at Saga Personal Finance, said: “These days, lots of people are worried about making their money last in retirement, and now people are able to take their pension as a lump sum I wouldn’t be surprised if we see more people start trading to help boost their retirement income.
“However people should remember there are some risks involved with share dealing so they should always do their research before they start investing their money.”