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Consumer Lifestyle
Published: 11 Apr 2016

Lifestyles of British Boomers

Less than half of UK Boomers feel they have saved enough for retirement

Just 42% of Britain's over-55s feel they have saved enough for a comfortable retirement, according to a new report from London-based market research group Mintel.

Among those aged 65-74, less than half (47%) feel they have made sufficient provision, and just 34% of those aged 55-64 feel they have saved enough. Other highlights from the report include:

  • Gender Imbalance: Retirement preparedness in the UK differs significantly by gender. While nearly half (48%) of men aged over 55 feel they have made adequate provision for the future, this declines to less than two in five (37%) women of the same age.
  • Longer Working Lives: Almost one in 10 UK retirees say they plan to go back to work or find a job in retirement, rising to 13% of men aged between 55 and 64.
  • Future Fears: Concern over the cost of future care is high, with one-third (34%) of over-55s expressing concern about the future cost for themselves or their partners.

Companies targeting the boomer generation must be aware of rising concerns about financial security among over-55s. However, new attitudes towards retirement mean spending habits could remain robust, with the demographic expressing a keen interest in experiential activities such as travel (46%) or fitness and exercise (33%).

For more insight, read Trailing-Edge Boomers and New Retirees: Boomers Embrace Millennial Values.

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