Pension News Pru Reveals Realities Of Fairytale Retirement
09 October 2006
One of the leading lifetime mortgage providers, Prudential, has revealed findings which show a widening generation gap between under-25s and their elders when it comes to understanding the realities of retirement.
While the prime ambition of many younger people when they reach retirement age is to enjoy longer holidays and spending time with families, many do not consider the financial restraints of not working.
Only seven per cent of the same age group worried about not having enough money but this concern was clearly more prominent among the older generation. Nearly half (40 per cent) of over-65s said getting a bus pass and senior citizen’s discounts were the features they most looked forward to.
“It is good to see that today’s young generation has such a positive outlook regarding their retirement life,” said Ali Crossley, lifetime mortgage director at Prudential.
“However, the reality of this may be somewhat different if they don’t start planning to achieve their retirement aspirations.
“Many of today’s pensioners are already struggling to pay for their day to day expenses – not to mention any ambitious dreams.
“The over-65s retirement fears and worries clearly show that reality is different to what the younger generation expects it to be, with money being an issue for retirees.”