Prudential: Retired couples have £269,479 on average

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Prudential: Retired couples have £269,479 on average

Wed 25th Jun 2008

Pensioners in Britain are sitting on substantial amounts of money in savings and assets but failing to make the most of them, Prudential has found.

Research by the pensions specialist shows retired UK couples have on average £269, 479 in savings and assets while single pensioners have £134,739.

But just 17 per cent of British pensioners have seen a financial adviser for help on maximising their retirement income.

The Prudential study found that the average amount of equity with pensioners’ homes was £134,145 for a retired couple and £67,072 for a single one, minus outstanding mortgages.

Cash, stocks and shares account for 35 per cent of the total, amounting to £95,649 for a couple and £47,824 for a single person, with the rest in insurance policies and other assets, minus debts.

Gary Shaughnessy, managing director of retail life and pensions, said it was “staggering” that so few people had taken financial advice and said pensionsers could “substantially boost their retirement income” through options such as equity release.

The Guardian recently reported figures from Age Concern showing that £2.5 billion went unclaimed in pension credit by eligible pensioners in the financial year 2005-06.

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