Fifth of over 50’s retirement plans impacted by COVID-19

23 July 2020

Over 50s retirement

  • Quarter have been unable to retire as planned due to finances
  • Fifth have dipped into retirement savings due to being out of work
  • Meanwhile a third (31%) have retired sooner than planned due to pandemic

Almost a fifth (18%) of people aged 50 and over say that the COVID-19 pandemic has already or may impact their retirement plans, according to a new study from Co-op Insurance.

Of these, a quarter (25%) said they’ve not been able to retire due to their finances, a fifth (22%) have had to use some of their retirement savings after being out of work and a tenth (10%) have retired sooner than planned due to being made redundant during the pandemic.

Meanwhile, the study reveals that the pandemic has encouraged almost a third (31%) of people aged 50 and over yet to retire to do so sooner.

Of those people over the age of 50 who have retired, almost a quarter (23%) said the disease has affected their plans to spend time with friends and family and a fifth (20%) have not been able to travel as they’d planned.

When looking at how this impact on retirement plans has made people aged 50 and over feel, almost half (49%) have realised how important friends and family are, over two fifths (44%) say they feel annoyed and over a quarter (27%) think they need to make up for lost time.

Graham Ward Lush, Head of Life Insurance at the Co-op said: “It’s perhaps no surprise that so many people over the age of 50 are disappointed with how the pandemic has affected their retirement plans, with so many (43%) envisaging more of this time being spent with friends and family.

“It’s encouraging to hear though that despite this situation being frustrating and disappointing for so many, the majority of people are now planning to make up for lost time.”

Ends

For further information please contact:

Mark Carrington | Press Officer | 07890 384 471 | mark.carrington@coop.co.uk

Emily Penkett | Lead PR Manager | 07738621201 | emily.penkett@coop.co.uk

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Notes to Editors Research was carried out on behalf of the Co-op by Atomik research among 2000 UK adults aged 50 and over

About Co-op Insurance: Co-op Insurance is part of the Co-op, one of the world’s largest consumer co-operatives with interests across food, funerals, insurance, legal services and health. It has a clear purpose of championing a better way of doing business for you and your communities. Owned by millions of UK consumers, the Co-op operates 2,600 food stores, over 1,000 funeral homes and it provides products to over 5,100 other stores, including those run by independent co-operative societies and through its wholesale business, Nisa Retail Limited. It has more than 63,000 colleagues and an annual revenue of over £10 billion.