Third of Britons over 50 have no nest egg for their old age
MILLIONS of Britons aged 50 or more have no nest eggs to rely on for their old age, a survey claims.
Researchers found just one in two have made plans for later life, such as writing a will, inheritance tax planning, preparing for long-term care, and making decisions about future living arrangements.
A startling 47 per cent have made no plans at all.
The research by analysts Mintel reveals that one in five over 50s has no savings or investments, with a further nine per cent saying they have less than £1,000 saved.
Just 10 per cent of Britons over 50 has a pre-paid funeral plan, rising to 17 per cent of over 65s, while seven in 10 of the 800 people questioned said their top financial priority was simply having “enough to get by”. Experts believe the lack of funds means for many Britons a work-free life is a pipe dream and 41 per cent of over 50s expect to continue to work during their retirement.
Jessica Galletley, a financial analyst at Mintel, said: “There is still a taboo around discussing later life and death, resulting in people putting off planning for it.
“Financial planning for later life is essential for consumers to have a clear idea of the money they have left to live on once other issues have been taken care of, such as earmarking funds for care.”