Research into the finances and lifestyles of 1,000 retired people found the average person had just £1,343 put away for emergencies.
More than half the retirees studied would be “stumped” if they had to pay for unexpected house repairs or specialist medical care despite a lifetime of working. And the survey, by financial services giant MetLife, revealed most do not get long to enjoy their retirement once they stop work.
The ‘retirement glow’ can last up to 13 months - the average time given by respondents before the novelty wore off. One in five admitted their day to day finances are far from comfortable having less than £500 set aside for unforeseen expenses.