Women worry about money shortages in retirement

WOMEN, particularly housewives, fret that money shortages during retirement will be a major cause of loneliness, according to a survey.

More than a third said lack of money was high on their list of worries when it came to spending their retirement alone. A similar number of people aged over 55 years feared money shortages would lead to a lonely life. Surprisingly, almost one in five people aged between 18-24 (18%) were already concerned they would be unable to get out and about and meet people due to financial restrictions in their retirement.

The TNS MRBI/ Omnibus Survey of 1,000 adults, commissioned by financial service providers Seniors Money, found:

28% of people fear money shortages will lead to loneliness upon retirement.

Males are less concerned (24%) than females (32%).

Those living in Munster were more concerned (36%) than the rest of the country with the thought of money restricting their activity when they stop working.

Dubliners appear better prepared for retirement, although 29% of respondents there worried their financial set up would result in a lonely retirement.

The research also revealed almost two-thirds of people worry they will experience loneliness when they retire.

When they reach the age of retirement, may find themselves unable to finance typical leisure activities which can dominate retirement, such as golfing and travelling.

More than half of those surveyed felt poor health contributed to loneliness. Financial restrictions brought about by retirement meant some people neglected health needs.

Seniors Money marketing and communications manager Tara Collins said they believed loneliness brought on by money shortages was even more widespread than evident in the survey.

“Retirement reduces the normal social interaction created by work and children and we become more reliant on friends and without a few quid in our pockets, we struggle to meet up with friends for a bite to eat or a couple of drinks.

Ms Collins said those over the age of 60 did have some assets to fall back on (180bn in property), but many were reluctant to investigate the financial options open to them.

Seniors Money experience in Australia and New Zealand showed most people over 60 felt they generally had enough for day-to-day living, but had no cushion for unexpected expenses or indeed lifestyle enhancement.