New research has found that the majority (59%) of UK adults aged 50 who aren’t retired haven’t written a will or organised a power of attorney.
SunLife, the UK’s number one over 50s plan provider, polled 1,000 people over 50 in the UK and revealed that while around half (51%) of those without a power of attorney said they would consider putting one in place, a quarter (24%) of over 50s admitted they hadn’t given much thought to how they will manage financially when they do give up working.
And, over half (52%) of over 50s not yet retired didn’t know how much their funeral might cost, leaving little guidance for their loved ones if they were to pass away unexpectedly.
Ian Atkinson, SunLife’s marketing director said: “Our Cost of Retirement research has revealed that many of us wait until we retire to sort out our will, power of attorney and funeral plans. And that puts us – and our families – at risk of financial pressure if something were to happen to us before retirement.”
One in 10 (10%) polled haven’t spoken to their family or loved about their funeral plans, despite half (49%) saying they expect to pay for it with a funeral plan. A further three quarters (76%) haven’t made any plans for their funeral.
Ian Atkinson continues: “Exploring funeral plans and finalising a will can feel morbid and seem a long way off for those still in the throes of their career, but it could help to ensure your loved ones don’t have to carry a financial burden.
“It can also give you piece of mind that your final wishes will be carried out, and that those closest to you will know what to do if something were to happen unexpectedly.”
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