Partner Article

Over 60s intend to spend

New research from McCarthy & Stone confirms the over 60s consumer market is a potentially lucrative area for businesses.

The retirement home provider surveyed 1,000 over 60s and found that six out of ten intend to spend and leave nothing to family or friends.

Just one in four of those surveyed revealed they were doing all they can to ensure they leave their children and grandchildren in strong financial position.

Ali Crossley, Executive Director of McCarthy & Stone, said: “As experts predict that life expectancy will continue to increase, people cannot afford to bury their heads in the sand about the way they will manage financially in their retirement years.

’’They need to discuss these issues with their family and put clear plans in place.
’’Our research shows that although many older people worry about how they will cope in later life and do not want to become a burden to their children; a concerning proportion of them do nothing about it. The research also found only one in four of the over 60s have made a will.

’‘There are many reasons why people of all ages may not make a will, ranging from concern about legal costs to apathy and a fundamental misunderstanding about what will happen if they die intestate (without a will).’’

The survey was conducted to promote the launch of McCarthy & Stone’s new financial planning guide for retirement.

This was posted in Bdaily's Members' News section by Tom Keighley .