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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

CII: Vulnerable client management is 'an opportunity for growth'

CII: Vulnerable client management is 'an opportunity for growth'

Firms can expand potential client bases

Isabel Baxter
clock 07 April 2026 • 2 min read
Common language used by advisers triggers anxiety and distrust among retirees

Common language used by advisers triggers anxiety and distrust among retirees

Product-led communication one of the biggest drivers of mistrust

Laura Purkess
clock 01 April 2026 • 1 min read
Advisers: Are you even taking your own advice?

Advisers: Are you even taking your own advice?

Exploring the expenditure consolidation conversation

Nick Ryan
clock 25 March 2026 • 4 min read