It is the dream of many to retire early. Indeed, 270,000 people in their 50s and 60s left the UK workforce during the COVID-19 pandemic, according to the Institute for Fiscal Studies. Concerns about retirement poverty However, two thirds of people aged 50–70 who quit work or lost their job during the pandemic left the […]
Monthly archives: December 2022
Protection insurance payouts on the rise
Claims paid out under protection insurance totalled £6.8bn in 20211, a second consecutive yearly high, with more than £18.6m paid out every day in life insurance, income protection and critical illness claims. Last year was the third year in a row where the overall average individual payout increased, rising by 9% year-on-year to reach £14,994. […]
An ‘epidemic of fraud’ impacting young and old
The latest annual fraud report published by UK Finance stresses the need for an urgent response to ‘the epidemic of fraud’ that the UK is currently facing. The report reveals that £1.3bn was stolen by criminals through authorised and unauthorised fraud in 2021. In total, 56% of UK adults1 have received a suspicious communication or […]
Cost of living drives equity release increase
In recent years, equity release has become an increasingly popular way for older homeowners to unlock cash tied up in their properties. Equity release products enable homeowners over the age of 55 to access equity locked up in their homes while still being able to live in their property. New research suggests that many homeowners […]