A study of those aged 50-70 found the majority of men took care of financial plans when in relationships. The survey went on to find only six per cent of males were happy to relinquish responsibility to their partner despite the worry future finances can cause. The study found 79% are worried about retirement finances with 21% of those aged 55 – 64 worrying on a weekly basis. Even more alarming is the 16% of people aged 60 – 64 who are concerned on a daily basis.
- Nearly 60% of men take care of financial planning in households
- Men are better prepared for retirement with more assets than women
- Fear surrounds retirement planning as unstable economic environment remains
This means millions ofpeople nationwide are regularly worried about money they will need to survive on when they should be relaxing and enjoying their life.RetireEasy.co.uk has been designed to free people from this burden and from today, offers a version geared towards couples. It is the only comprehensive, online tool that gives those in, or nearing retirement, peace of mind by empowering them to plan for their financial future.
The interactive and easy-to-use service offers a holistic view of their future income, factoring in a range of assets such as pension entitlements, investments and savings in order to figure out how much money they have to live on in retirement. The service is independent, secure, accessible2 and can be easily updated in response to external factors, such as changes to inflation, taxes and interest rates.
An insight into the despair felt by those nearing or in retirement is evident from the most frequent word that springs to mind when 50 to 70year-olds think about their retirement years – ‘worry’. Over half of those polled (56%) think of negative words such as ‘poverty’ or ‘fear’, while only a third (34%) think of positive words.
Limited retirement provisions will contribute to this negativity. An alarming 14% of those surveyed aged 65 – 70 have no other assets apart from the state pension to rely on. What may come as a shock to someis that men tend to have more assets than female counterparts. Forty one per cent have investments in the form of bonds and shares, in comparison to only 28% of women, and 62% of men can fall back on savings whereas only 55% of women will have that luxury.
CEO and Co Founder, Richard Collinson said: ‘The development of RetireEasy.co.uk has come from an individual need which I am certain exists for thousands of people entering retirement in the UK. The tool enables people to become clear on how much they have and more importantly when it will run out. This is determined by entering all factors into one safe and secure website and in a manner which is simple for users.’
Co Founder Naomi Collinson added: ‘We launched a version of RetireEasy.co.uk last month which has been utilised by individuals. The couples version of the product launched on the 21stwill factor in dual incomes, pension funds and tax tables making it extremely accurate for those who need to take into account a host of factors for themselves and their partner.’
If their futures were more financially secure, four out of ten would divide their extra cash between spending more and leaving it to families.