While traditionally retirement is supposed to be a time for pensioners to enjoy themselves, the reality is that only a third (34%) of retired people have enough money for luxuries. Almost half (47%) have just enough money to survive, and one in six (17%) struggle to get by, some having to rely on family and friends for support.
Norwich Union also asked people aged over 55 what they considered to be the most important area to be addressed in the General Election. A third (33%) of adults want minimum pensions to rise and 29% want council tax scrapped or reduced.
Mark Kelly, of Norwich Union Equity Release, said: “Retirement is a time when people hope to be able to enjoy a leisurely lifestyle but our research shows many people are never able to enjoy such luxuries, and spend old age worrying about their finances.
“With house prices in the UK at record levels, older people who are living longer and wanting to enjoy a more fulfilling retirement may be looking to the equity locked up in their properties as a way to improve their lifestyle in retirement.”
Norwich Union also found that seven in ten would hate to have to leave their current home. This is hardly surprising considering over half (55%) have lived in their home for more than 20 years.
