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Nearly a fifth of over-50s think Covid-19 will affect retirement plans

A quarter said they have not been able to retire due to their finances, and 22% have used savings after being out of work, Co-op Insurance said.

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Nearly a fifth (18%) of people over the age of 50 have said the coronavirus pandemic may affect their retirement plans or has already done so, according to Co-op Insurance (Gareth Fuller/PA)

Nearly a fifth (18%) of people over the age of 50 have said the coronavirus pandemic may affect their retirement plans or has already done so, according to Co-op Insurance (Gareth Fuller/PA)

Nearly a fifth (18%) of people over the age of 50 have said the coronavirus pandemic may affect their retirement plans or has already done so, according to Co-op Insurance (Gareth Fuller/PA)

Nearly a fifth (18%) of people aged over 50 have said the coronavirus pandemic may affect their retirement plans or has already done so, according to a survey.

Among those whose plans have been hit, a quarter (25%) said they have not been able to retire due to their finances, Co-op Insurance found.

And more than a fifth (22%) have had to use some of their savings after being out of work.

However, the Covid-19 pandemic has also encouraged almost a third (31%) of over-50s who are yet to retire to perhaps do so sooner.

Among those who have already retired, nearly a quarter (23%) said the virus has affected their plans to spend time with friends and family, and a fifth (20%) have not been able to travel as they had planned.

Graham Ward Lush, head of life insurance at the Co-op, said: β€œIt’s perhaps no surprise that so many people over the age of 50 are disappointed with how the pandemic has affected their retirement plans.”

– Some 2,000 people aged 50 and over, including some who have retired and some who are still working, were surveyed across the UK.

PA