Standard Life reveals losing a loved one is greatest fear in retirement
Standard Life has revealed new research which shows that losing a loved one is the greatest fear for a third of retired Britons.
Standard Life has revealed that a third (32 per cent) of retired Britons declared that losing a partner, loved one or close friend is their greatest fear in retirement.
The savings and investment specialist Standard Life is using the research to encourage the public to consider their estate planning requirements, including the creation of a Will, so they can ensure their loved ones are financially secure after their death.
Standard Life is highlighting to the public they should seek professional advice as the legislation associated with passing on wealth is very complicated and the rules between married and civil partnered couples does not apply to cohabiting couples or close friends. The simplest way for individuals to ensure their estate is paid to the right people is to create a legally binding Will - previous research from Standard Life showed that as little as 48 per cent* of the people in the UK have a Will in place.
Further results from the research shows in light of the current inflationary pressures the public is facing, the rising cost of living (20 per cent) is the retired population’s country’s second worst fear in retirement and worries about getting returns on their savings and investments (11 per cent) coming in third for those surveyed.
Julie Curtis, technical manager at Standard Life, said: "Regardless of an individual’s age losing a loved one can have a serious financial impact, but this problem is accentuated in retirement. And while married and civil partner couples benefit from the spousal inheritance tax exemption and the transferable nil rate band, cohabiting couples or close friends don’t.
“The complications of dying without a Will can be devastating on others and this is made even worse when going through the heartache of personal loss. Seeking the right advice when creating a Will ensures loved ones will be financially secure and that their wealth is passed on correctly. The cost of creating one will be far less than any legal fees your family, partner or friends will incur in trying to reclaim the estate.”
The research also shows that nearly half (47 per cent) of the UK want to leave an inheritance to their children, with a tenth (11 per cent) directing it to their grandchildren.
Julie continued: “It’s understandable that parents and grandparents want to pass their wealth on to the next generations and they should ensure they have a Will in place, which reflects this. Dying without one can create a complicated and costly process, possibly causing family rifts and further grief for those left behind.”
Notes to Editors:
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2053 adults. Fieldwork was undertaken between 6th - 8th September 2011. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).
*The sample size of the research was 1,003 and was prepared by ICM Research on behalf of Standard Life in December 2010
About Standard Life:
Established in 1825, Standard Life is a leading provider of long term savings and investments to around 6 million customers worldwide. Headquartered in Edinburgh, Standard Life has around 9,000 employees across the UK, Canada, Ireland, Germany, Austria, India, USA, Hong Kong and mainland China.
The Standard Life group includes savings and investments businesses, which operate across its UK, Canadian and European markets; corporate pensions and benefits businesses in the UK and Canada; Standard Life Investments, a global investment manager, which manages assets of over £157bn globally; and its Chinese and Indian Joint Venture businesses.
Standard Life plc is listed on the London Stock Exchange and has approximately 1.5 million individual shareholders in over 50 countries around the world.
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