We are more worried about losing our homes in old age than we are about losing our partners. Christina Jordan finds out more.
Around half of Brits (49%) are seriously concerned about losing their homes as they get older. It is a greater concern than outliving our spouses (30%) or even dying (30%), according to the recently published Future of Retirement study undertaken by the HSBC. | 
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Home loss worry… |
The study also found that people are increasingly expecting to live with their children when they get old. Almost 1 in 10 of us now expect to move in with our children in later life. The figure rises to 15% for 30 - 39 year olds and for students it increases to almost 1 in 5.
However, this isn’t always out of choice. Over half of us (56%) are seriously concerned about being a burden to our families in old age and only 4% of us think our families should bear the cost of our retirement. |
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Despite Brits worrying about being a burden to our families, current levels of financial preparation for retirement are poor.
Only 22% of pre-retirees have talked to an adviser and only 15% have discussed their financial future with their bank, a figure that is seen as unacceptably low. |
Plan ahead now to enjoy the future that you want… |
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Only 22% of pre-retirees have talked to an advisor… |
Steve Troop, group head of retirement businesses at HSBC, said: “Retirement is seen by the majority as an opportunity for a new chapter in life but our research found that preparation is the key. “People need to make sure they plan ahead to live the way they want to in their later years.”
Financial advisor and pension expert Roger Peterson agrees. “If you want a good life in retirement you have to plan for it.” |
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