A new study by Just Group shows seven in 10 over-60s feel financially well prepared for retirement but also lack confidence about the size of their pensions.
Research carried out by Opinium Research on behalf of Just in January 2019 among 4,000 UK adults reveals concerns about meeting future care costs and ability to leave an inheritance.
It finds 72 per cent of those aged 60-69 and 77 per cent of those aged over 70 felt financially well prepared for retirement, significantly higher than younger age groups.
The majority of over-60s who felt well prepared say it was because they can maintain their current lifestyle for the foreseeable future.
However, only four in 10 say it was because they had sufficient savings for retirement while three in 10 say it was because they were confident of leaving an inheritance.
Just Group communications director Stephen Lowe says: “It’s surprising that many of those nearing the end of their working lives who say they feel financially well prepared also told us they don’t feel they have sufficient savings for retirement, inheritance or care costs.
“While around six in 10 do feel able to maintain their lifestyle for a while, far fewer feel confident about the longer term financial realities of the retirement years.
“Home ownership gives people more confidence around meeting these longer term financial challenges, most likely because they know they can access the property wealth if needed.”