People in Wales are worried about running out of money in retirement

FEAR of running out of money in retirement is rising among those in Wales with more than half (55%) concerned their savings will not last them through retirement, new research from Investec Wealth & Investment (UK) shows (please see the attached press release).

In general, women are more worried about running out of money compared to men. More than half (54%) of women surveyed are concerned about how long their money will last in retirement, compared to only 44% of men. Around 46% of men who are not worried about running out of money in retirement say it is because they have a final salary pension scheme – compared to just 38% of women who have this.

The study by Investec Wealth & Investment (UK), part of Rathbones Group, among people with stock market investments including pensions, paints a bleak picture – around 55% of those living in Wales are concerned they do not have enough money for retirement. This is similar to the UK average of 56%.

Women are more worried than men that they do not have enough money for retirement. Almost two thirds (61%) of women surveyed are concerned, with 18% of these very concerned they do not have enough money for retirement. This compares to just over half (53%) of men surveyed, with 14% of these very concerned they do not have enough money for retirement.

The Investec Wealth & Investment (UK) study shows that those living in Wales who have yet to retire are realistic about what will happen to their incomes in retirement – 64% expect their monthly incomes to drop on retirement and 36% did not know.