Around two-thirds of over-55s are concerned the would not be able to raise the necessary cash if faced with an unexpected payout of £500 or more, according to the Aviva Real Retirement Report.
The report, released on Wednesday, says 92% of pensioners have faced unexpected expenses over the past five years, but 55% have made no provision for unplanned outlays, presenting a worrying prospect. Aviva's research says only 6% of over-55s have made provision for long term care, 9% for private medical care and 23% for the upkeep of their homes. Almost half of pensioners expect to be forced to dip in to emergency savings funds and a quarter predict they will use income-generated savings to meet unexpected bills. Credit cards, loans, the sale of assets and cut backs in other areas we...
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