Thursday, April 18, 2024

Just about 1 in 2 ladies say they concern pension poverty

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Just about 1 in 2 ladies over 50 say operating out of cash all through retirement is one in all their greatest monetary issues, in comparison to only one in 3 males of the similar age.

In keeping with a survey of over-50s by way of supplier SunLife, ladies over 50 are handiest part as most likely as males over 50 to don’t have any cash worries in any respect.

As well as, a 3rd of older ladies had been frightened about how their kids or grandchildren are coping financially, in comparison to lower than 1 in 4 males.

SunLife says that its survey of two,000 customers suggests general that girls over 50 are way more frightened about cash than males of the similar age.

SunLife’s Lifestyles Smartly Spent record surveyed greater than 2,000 other people over the age of fifty. It discovered that 44% of ladies say that operating out of cash all through retirement is without doubt one of the monetary issues that worries them probably the most. Most effective 36% of fellows have the similar fear.

Girls over 50 also are extra worried in regards to the present price of dwelling disaster – 8 in 10 (79%) mentioned emerging prices had been a big fear for them, in comparison to 7 in 10 (71%) of fellows.

Girls also are extra frightened about paying for long-term care with 25% having issues in comparison to handiest 19% of fellows).

General, simply 1 in 14 (7%) ladies over 50 don’t have any monetary worries in any respect – part the collection of males of the similar age who’re money-worry-free (15%).

 

Monetary Worries for over-50s













Monetary fear

In all places 50s reporting fear

Males over 50

Girls over 50

The price of dwelling emerging

75%

71%

79%

Working out of cash all through retirement

40%

36%

44%

The worth of my pension

30%

30%

29%

How my kids or grandchildren are managing financially

29%

23%

35%

Paying for long-term care

22%

19%

25%

Remarkable money owed

20%

17%

23%

Remarkable loan

7%

6%

8%

One thing else

2%

2%

2%

None of those

11%

15%

7%

 Supply: Solar Lifestyles survey of two,000 customers over 50

SunLife’s learn about additionally discovered that whilst women and men over 50 had been similarly prone to have given a vital money reward to circle of relatives over the last 5 years (1 in 4), ladies had been much more likely to have carried out to be able to lend a hand circle of relatives out.

Some 1 in 4 ladies have helped circle of relatives following activity loss or decreased source of revenue, in comparison to 1 in 5 males. And girls gave extra – £4,681 vs £2,585.

Of those that have talented money, 25% of ladies over 50 gave cash to circle of relatives following the delivery of a kid – gifting £2,522 on reasonable in comparison to 20% of fellows who gave £1,464 on reasonable.

The survey additionally printed that of the 1 in 25 ladies over 50 who’ve launched fairness from their house, 19% did to be able to give presents to circle of relatives, in comparison to 10% of fellows.

• A separate survey by way of the Pensions Control Institute (PMI) discovered that girls had been maximum frightened about breaks in employment, basically because of elevating kids, inflicting a considerably unfavorable affect on their pension financial savings. The analysis additionally printed that simply 36% of operating ladies know the way a lot they’ve stored of their pension. The typical pension financial savings for the ones ladies who do know the way a lot they’ve stored is £23,959. Most effective 4% of feminine staff have stored greater than £55,000 in pension financial savings.




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