Thursday, June 14, 2018

Frugal pensioners more likely to save than spend, says IFS - Citywire Money

Frugal pensioners more likely to save than spend, says IFS - Citywire Money: Pensioners are defying the worst fears around the pension freedom reforms and are holding on to their wealth in retirement, new research has revealed.

A report from the Institute of Fiscal Studies shows that cautious retirees are not spending most of their financial wealth but are holding back as much as they can to pay for care home fees or to leave it to family and friends.

It revealed that while wealthier people tended to consume their assets at a faster rate, all sections of society were on average underspending. People aged 55-64, who would have been on the cusp of retirement in 204/15 had an average of �390,000 in non-pension wealth – the majority of which (60%) was held in their home.

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