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Pensioners spending too much in retirement
21 July 2008
Failure to budget has meant a significant number of British pensioners could face debt problems, new research has shown.
A study by Prudential revealed that 29 per cent of pensioners said that, despite the credit crunch, they spent £8,000 more on average in the first year of retirement compared to following years.
Gary Shaughnessy, Prudential managing director Retail Life & Pensions, said: "It is quite worrying to see the lack of planning people undertake as they approach retirement and it's particularly surprising to see how few of today's pensioners sought financial advice."
With reports stating that life expectancy is rising in the UK, pensioners are being urged to budget as they may live longer than they think.
"The key is to carefully manage your money throughout retirement, ensuring you don't give away or spend money that you may need in 20 years time," Mr Shaugnessy added.
Research by Zurich revealed that 65 per cent of Britons expect to holiday once a year after retiring.
