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Less Than Half of Over-60s Have Saved For Funeral Costs

 

Less Than Half of Over-60s Have Saved For Funeral Costs blog image

 

A survey conducted by Perfect Choice Funerals this week has revealed that only 45% of people aged 60 and over have planned their retirement fund to include funeral expenses. 1,708 Brits were asked about their savings, and if they’d put anything away towards their funeral. The majority had no plans or funds in place, citing a variety of reasons as to why. The majority said they couldn’t afford it, with 58% claiming “financial strain” left them with nothing spare. The second highest figure was those who thought it was too early to be planning so far ahead, at 51%, and 41% had decided to leave the decision-making up to their next of kin. 19% didn’t view saving for funeral costs as their responsibility and 17% couldn’t contemplate it because they were “too fearful.”

 

With impartial pensions advice becoming an option for all in 2015, thanks to the new rules outlined in the Chancellor’s Budget in March of this year, many are analysing their retirement finances in greater detail, but perhaps not enough are considering those inevitable funeral costs. Survey results published today by True Potential have revealed that out of the 8000 surveyed, the majority had a pension pot of only £120,213 on average, which would provide an annual income of around £6,011. Considering that “a 65-year-old man can expect to live until 83 while a 65-year-old woman can hope to live until 85”, the nation is not saving enough for our now generally longer lifespans.

 

One reason for these low numbers could be that some aren’t taking alternative finance opportunities to maximise their pension pots. If dissatisfied by their money stagnating in a savings account, looking into Peer-to-Peer investment opportunities can have surprising benefits. Though capital is at risk and not covered by the FSCS, Wellesley & Co.’s funds are covered by their Provision Fund, a discretionary fund that the shareholders created for the purpose of compensating customers if a borrower fails to repay their loan.

 

Investors can earn between 3% and 6.76% interest on their money when investing in Wellesley & Co. These interest rates depend on how long an investor places funds with the company, which can be a welcome prospect for those planning their retirement and considering all the necessary costs.

Read more on this story here.

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Wellesley Property Bond

  • The Wellesley Property Bond has a fixed rate and duration.
  • The Wellesley Property Bond is an ISA eligible investment, allowing you to earn tax free interest on your investment. Please note, tax allowances and the tax efficient benefit of ISAs could change in the future.

Your capital is at risk and interest payments are not guaranteed. Investment in any Wellesley Property Bonds are not covered by the Financial Services Compensation Scheme (FSCS). In the event of a loan default or if Wellesley Secured Finance Plc becomes insolvent, you may lose some or all of your investment, including interest payments due. If you are in any doubt about making an investment or do not fully understand the risks, you are strongly recommended to consult an independent professional financial adviser before you subscribe.

Wellesley is the singular name for the following collective of companies, Wellesley Group Limited (09811856), Wellesley & Co Limited (07981279) and Wellesley Finance Plc (08331511). Wellesley Secured Finance Plc was established as a special purpose vehicle for the sole purpose of issuing asset backed securities and is not part of Wellesley Group.

The information contained in this website has been approved as a financial promotion for UK publication by Wellesley & Co Limited (FRN 631197) who is authorised and regulated by the Financial Conduct Authority (FCA). Wellesley Property Bonds are issued by Wellesley Secured Finance Plc (the Issuer) and is not authorised or regulated by the FCA.

Wellesley & Co Limited and Wellesley Finance Plc are registered in England and Wales and their registered office and trading address is at St Albans House, 57/59 Haymarket, London SW1Y 4QX. The registered address for Wellesley Secured Finance Plc is at 1 Bartholomew Lane, London, EC2N 2AX.

 

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