Two thirds of over-65s feel financially secure

Nearly two thirds (62 per cent) of over 65s say that they believe they'll be financially secure for the duration of retirement.

This figure is even higher in some regions, such as in Wales where almost seven in ten (69 per cent) think that this will be the case, according to a Silver Census carried out by stairlift experts, Stannah.

75% of over 65s don't want to give up work

The study showed that over a third (34 per cent) of older people said that their current financial situation is more prosperous than they thought it would be aged 45.

The survey also found that 75 per cent of those who are still working past the age of 65 are continuing to do so not out of necessity, but because they simply don't want to give up work yet.

Despite these encouraging figures, the survey also found that a worrying 54 per cent of people aged 65 or over have never sought financial advice to better understand their pension options. This implies that while people are confident in their ability to control their finances in retirement, they could be even better prepared if they took advantage of the advice available.

This is especially relevant now, at a time when the full impact of the Government’s pension freedoms will begin to be felt.

Patrick Stannah at Stannah Stairlifts, says: "Many people assume that their financial worries will be heightened once they stop work, but these findings show that this is not always the case.

"While more people could perhaps be better prepared by seeking advice, in general this level of positivity is hugely encouraging, as it shows that older people are more than able to retain their financial independence and make the most of their later years, living life as they please."

  • There are more money-saving tips in every issue of Yours magazine, out every fortnight on a Tuesday.