Video - One in four retirees has less than £1,000 for emergencies, study finds

Research into the finances and lifestyles of 1,000 retired people found the average person had just £1,343 put away for emergencies.

By The Newsroom
Wednesday, 14th October 2015, 2:42 pm

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.

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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.