Retired couples amass savings

June 26, 2008 by admin  
Filed under News, News-Banking

Retired couples in the UK have average savings and assets to the value of £269,479, according to a survey.

The average figure for single pensioners was found to be £134,739, Prudential reports.

Despite retired people having amassed such substantial savings, the organisation states that only 17 per cent of pensioners have sought financial guidance from a professional adviser.

Gary Shaughnessy, Prudential’s managing director of retail life and pensions, expresses surprise at the amount of savings and investments held by the average pensioner.

He adds: “The average pensioner could substantially boost their retirement income simply by using their savings and assets in different ways and exploring other options such as equity release to deliver an income.”

A separate study revealed last week by Zurich Financial Services suggests that one in five of the overall population believe it is too expensive to see a financial adviser.

In addition, it found that only three out of ten single people stated they had sought professional financial guidance.

Tags: adviser, amount, ING Group, single people, financial adviser.In addition, Social Issues

Related Entries

  • Get a good deal on your savings from a British bank
  • There was a time not so long ago when consumers in the UK who wanted to get a good return on their savings were looking more towards foreign banks that had recently entered the UK
  • Insurance firms could face huge losses
  • According to a recent report the insurance industry could be facing huge losses as a result of the global credit crunch, with tighter household finances forcing many consumers to either downgrade or cancel their insurance
  • Unemployment levels could rise due to housing slump
  • The housing slump in the UK has been making the headlines on a regular basis over recent months, with house prices already having tumbled and with predictions that they will fall further over the coming
  • Couples urged to ‘divide and conquer’ financial responsibilities
  • Couples who take a shared responsibility in their finances are more likely to find themselves in a better position when it comes to their retirement, one financial expert has said. Mike Kalen, president and chief
  • Couples that get married need to advise their car insurance company
  • Industry experts have recently urged couples that get married to let their car insurance companies know, stating that if they fail to do this they could be missing out on significant savings on their car
  • Taxation benefits for married couples
  • Married couples receive financial benefits when both partners have savings in place, claim financial experts. MDM Associates has said there are possible higher tax allowances on pensions and potential inheritance tax advantages from joint savings.
  • Divorcing couples need a ‘clean, simple solution’
  • Couples going through a divorce should list their combined assets and agree on how to split them to ease problems and conflict, say leading financial advisers. Lowland Financial said couples should look for the most
  • Joint accounts driving wedge between couples
  • Almost a quarter of people who share a joint bank account with their partner suspect that their other half is using it to make selfish purchases.Research by Abbey shows that 24 per cent of joint

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!