SunLife’s study of 50,000 over 50s reveals money is the biggest concern for 28% of retirees
More than a third (35%) of retirees are worried their cash will dry up before they die and a quarter say they don’t think they have enough money in their pensions to cover their retirement, according to SunLife’s Big 50 research.
Big 50, which interviewed 50,000 people age 50 and over, found that, when asked to think about their biggest concern for the future, 28% of retired people said money.
SunLife’s study found that those aged 50+ but not yet retired are even more concerned; 38% said money is their primary future concern, 47% said they don’t think they have enough money in their pensions to cover their retirement while half are worried their money will run out before they die.
Ian Atkinson, director of marketing said: “Our research shows that the vast majority of retired people think they retired too early (85%); while there could be many reasons why they feel this way, our research suggests that money is the main issue as a third are now concerned their money won’t last as long as them!”
And this may be a legitimate concern; according to the ONS, life expectancy for a 65 year old woman is 85 and for a 65 year old man is 83, up two years from ten years ago, which means after retirement, people still have 18-20 years to fund1.
This could also explain why one in seven people aged 66+ are still working, why one in five retirees earn money from something other than their pensions, savings or investments and why more than one in 20 (6%) over 50s who have retired from their main job have gone on to start their own business.
Ian concludes: “Our research shows that millions of retirees are currently earning extra cash in a range of different ways; from selling things on ebay and renting out property, to private tutoring, exam invigilating and working for the elections office. Others are using their skills to make crafts and cakes to sell while others are even modelling for art classes!
“What our Big 50 research has shown more than anything is that people aged 50+ do not see themselves as old, quite the opposite. Most feel younger both mentally and physically and for many, turning 50 has had a really positive impact on their lives, giving them the push they needed to try something new. So whether that is starting a new job, starting a new business or being a bit more creative about earning cash, there are plenty of things that retirees can do if they are concerned about their finances.”
All stats taken from SunLife’s Big 50 research as part of the Welcome to Life After 50 campaign.
About the campaign #lifeafter50
We want to celebrate life after 50 and recognise that for many people, those can be the best years of your life. We want to share what we discovered in our interviews around the UK with people over 50 – that they’re busier than ever taking up new hobbies, starting new businesses, trying new experiences and living life to the full. We want to redress the balance where people over 50 rarely feature on TV (look at a car ad – people over 50 buy 65% of all new cars yet the ads only ever feature millennials).
And as a business, we want to give people over 50 the benefits and savings they value, unlike some over 50s brands that can actually charge their customers more than if that customer went to a non-over 50s specialist. All of that belief and energy is brought together in the campaign’s tag line: Welcome to life after 50.
The campaign launched in early March and the TV ad features a series of people in their 50s and 60s, each singing four lines of verse that states their age and talks a little about their great life – it features a sextagenarian karate black-belt, 50-something astronaut and a whole motorcycle display team of people in their 50s and 60s, all smashing the outdated stereotypes of what life after 50 is.