SunLife’s annual Life Well Spent report found that 20%, or nearly 2.4 million, men over 50 and 33%, or 4.4 million, women over 50 were relying on the state pension alone to fund their retirement
Around 7 million people aged over 50 in the UK have no private pension savings, according to research by SunLife.
Its annual Life Well Spent report found that 20%, or nearly 2.4 million, men over 50 and 33%, or 4.4 million, women over 50 were relying on the state pension alone to fund their retirement.
The Pensions and Lifetime Savings Association’s Retirement Living Standards state that £12,800 a year is required for even a minimum standard of living in retirement, over £2,000 more than the state pension provides.
Of the over-50s with no private pension, 92% were concerned about money, while 85% were worried about the increasing cost of living.
More than half (55%) were fearful of sudden unexpected costs and 39% were concerned about running out of money in retirement.
Even those who did have a private pension expressed financial concerns, with 86% having financial fears, 69% being concerned about the cost of living, and 36% having concerns about running out of money in retirement.
People aged over 50 that are yet to retire were the most concerned, with 43% worrying they will not have enough money in retirement.
By comparison, 27% of those who are already retired were concerned about running out of money.
SunLife also found that 18% of working homeowners aged over 50 had no private pension savings, while 17% were going to rely on the state pension alone.
Commenting on the findings, SunLife Chief Executive Officer, Mark Screeton, said: It is really worrying that so many over-50s – especially women – are relying on the state pension alone to fund their retirement.
He added: That level of income is just not sufficient to sustain even a basic standard of living, let alone a lifestyle that most people would call ‘enjoyable’.