Risk averse pre-retirees rule out annuities due to 'vague understanding'

Just one in ten UK adults aged over 50 are willing to risk their money

Sahar Nazir
clock • 1 min read

An estimated 19 million UK adults aged 50+ may be overlooking annuities, according to research released today (28 June) by the Financial Services Compensation Scheme.

More than one-third (37%) of respondents are unwilling to take risks with their money saying they are worried about not having enough money to last the duration of their retirement, while more than half (58%) said they have a vague or no understanding of annuities. Just under a third (28%) have an annuity or would consider buying one. One in ten (10%) are willing to take risks with their money. Nearly one-third of people said they are uncertain if annuities are right for them (29%), while 26% said they are fearful of their provider going bust (26%). A quarter of respondents do not und...

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