Later Life Financial Planning Market Report 2020
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Providing the most comprehensive and up-to-date information and analysis of the Later Life Financial Planning UK market including the behaviours, preferences and habits of the consumer.
53% of over-50s who are yet to retire are unable to estimate what proportion of their current income they will need to maintain when they stop working to have a comfortable retirement. This lack of understanding is coupled with a widespread lack of confidence about having sufficient income in retirement as 50% do not think they will have enough for a comfortable retirement.
COVID-19 has focussed minds on immediate concerns, and there is a risk that it could lead people to neglect longer-term planning. However, it has also made people more conscious of their vulnerability to ill health as they get older. 22% of over-50s have reassessed their later life plans as a result of the pandemic.
Companies featured in this report: Sunlife, Royal London, Age Partnership, Key Retirement Solutions, Neilson Financial Service, Legal & General Group and many more.
Written by Richard Shepherd, a leading analyst in the Finance sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
COVID-19 has been a crisis of later life health but has not caused a crisis of later life finances. Consumers’ financial planning for their later years is still focussed on ensuring sufficient income and staying in their home for as long as possible. Long-term care needs, however, remain largely neglected. This is something that must be addressed by brands and authorities.
Richard Shepherd
Associate Director – Financial Services
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