Many Britons aged 50 plus are facing significant shortfalls with their retirement funds due to a lack of planning, a study has shown.
One in five of those aged 50-plus have no savings or investments while a further 9 per cent have less than £1,000 saved, according to a poll by research group Mintel.
The poll of 796 internet users aged 50 plus, conducted as part of Mintel's 2018 Later Life Financial Planning UK report, also found almost half of those questioned (47 per cent) had made no plans for later life at all, such as writing a will, inheritance tax planning or making decisions about future living arrangements.
Jessica Galletley, financial services analyst at Mintel, said: "There is still a societal taboo around discussing later life and death, resulting in people putting off planning for it.
"Financial planning for later life is essential for consumers to have a clear idea of the money they have left to live on once other issues have been taken care of, such as earmarking funds for care.
"With life expectancy rising, people may think they can afford to delay making plans. However, circumstances can change quickly at any age, especially later in life, meaning it’s important to do so sooner rather than later."
For 72 per cent of those polled, having "enough to get by" was the number one later life priority, while 51 per cent of respondents said having an up-to-date will was an important objective.
"Most consumers over age 50 are simply concerned with getting by financially in retirement," Ms Galletley said.
"Ever-changing rules regarding pensions mean that many people find the subject too complicated, whilst changes in the state pension age have made it difficult for people to know what amount of funds will be sufficient to see them through retirement."
However, the Mintel report found that many over 50s had money tied up in equity in their home.
But despite the equity release market growing rapidly in recent years, 72 per cent of respondents told Mintel they would like to continue living in their property for as long as possible. Just 9 per cent of those aged 50 or over said they expected to opt for an equity release option.
The later life lending market has seen significant growth this year with the Equity Release Council reporting a record of more than £1bn of property wealth unlocked in the last quarter, equivalent to £11m every day.
Meanwhile the number of products available in the market trebled in the past two years from 47 to 144.
Paul McGerrigan, chief executive officer of mortgage broker Loan.co.uk, said individuals often found it difficult to recognise how quickly later life arrives.
He said: "IFAs and, to a lesser extent, mortgage advisers have a huge responsibility to influence their clients to plan, not simply to generate income but because it is the right thing to do.
"Changing human behaviour is hard and most people find it incredibly difficult to look at their future selves."
