Nearly half of savers over 50 lack awareness about annuities

One in five say retirees with annuities at risk of running out of money

Martin Richmond
clock • 2 min read

Approximately half of savers over the age of 50 have no knowledge of how annuities work, research by Standard Life has shown.

The survey of 2,000 people aged 50 or over, conducted by Opinium in March, found when presented with 18 statements to ascertain their overall knowledge of annuities and asked whether they were true or false, almost half (49%) of respondents answered "don't know" for all the statements. The research revealed despite nearly all (98%) the respondents stating income security was "somewhat important" to them, just 39% regarded annuities as the best option for a guaranteed income, while a slightly higher percentage (41%) identified annuities as helpful to savers to address the risk of outlivin...

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