The North West's over 55's face a bleak
retirement and say it's too late to make things better
HALE based property crowd funding platform, The House
Crowd, has found that 78% of the North West's over 55's report that they are
financially unprepared for their retirement. A 'lost generation' of those
nearing the end of their working lives are facing a bleak retirement, with new
data from The House Crowd showing:-
► 34% say their hopes for a financially secure retirement are no longer possible.
► 37% say their lifestyle will be worse once they retire; just 13% think it
► 22% say it's too late to change their plans and save more for their retirement.
The survey of Baby Boomers across the UK revealed that over 55's know that their
plans for retirement are inadequate, yet feel they are powerless to change their
► 20% blame the Government for not being able to save for retirement.
► On average, those surveyed said they'd like their annual income to be ₤18,235
once retired; but think in reality they will only receive ₤14,180.
► 51% do not have a personal pension, and do not plan to put
1 in place.
► 28% do not have a workplace pension, and do not plan to put
1 in place.
► This indicates a significant number of today's over 55's are planning to rely
on their state pension.
Women in the UK feel even less positive about their retirement than men and just
17% of women said they are prepared financially for retirement. Also it
was discovered that 28% of men
reported being on track. Women were also more likely to blame the Government for
being unable to save for their retirement (23%, versus 18% of male respondents).
Frazer Fearnhead, founder and CEO of The House Crowd, one of the UK's leading
property crowdfunding platforms, said:- "These results paint such a
miserable picture that we call these people Baby Doomers; but it's not too late
for those approaching retirement to improve their situation. By exploring newer
investment options, like property crowdfunding, over 55's can benefit from solid
rates of return to help make retirement more comfortable."
The House Crowd was launched in 2012, and to date has successfully raised over
₤38M from retail investors, has funded over 285 projects and paid out ₤6M to
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