Over-55s to spend a third of their tax-free cash within six months

The firm's research of 2,000 adults in May found one in ten (11%) of this age group expect or have already spent between 90% and 100% of their lump sum within six months. It also found women are more likely to spend a larger proportion of their tax-free pot sooner than men, with 37% of women spending this within six months compared to 29% of men. One quarter (27%) say they are unaware of how much they will spend or have already spent. Standard Life managing director for retail Dean Butler said those looking to withdraw should consider all their options and refrain from spending the...