What is the number 1 financial issue for 50+?
- WYZA Life
Our WYZA® Wise Up! research reveals how those of us who are 50+ make, save and spend our money. Here are the highlights.
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- What is the number 1 property issue for 50+?
Did you know? From 50+, people undergo substantial changes in terms of work, retirement and money matters, as the timeline below indicates:
Having one’s affairs in order (finances, legal documents etc) and being prepared for the unexpected (having insurance, emergency funds) are 2 of the top 10 life priorities for 50+ — particularly for women and those over 70.
Having enough money in retirement is the equal No.2 life concern for people 50+ — worrying for both men and women — and once people get to retirement age, they worry signifcantly more about the economy.
Many 50+ plan to make significant financial decisions in the next year
- Nearly 1 in 3 (29%) of people 50+ are planning to see a financial planner, invest in shares or managed funds or buy an investment property in the next year. This group skews to men (34%, compared to only 25% of women surveyed).
- Shares and managed funds are of interest to all age groups 50+. Intention to invest varies only slightly, from 12% among 50 somethings to 10% among people 70+. Shares/funds investors also skew to upper income households — nearly 1 in 3 (29%) have an annual household income of more than $100,000.
- Intention to buy an investment property peaks under 55 (10%) dropping to 4% in people’s 60s and 2% among 70 somethings. More than a third of bricks and mortar investors (37%) earn $100k+ pa.
- Intention to see a financial planner peaks in the 50-69 age group (22%),but is still significant among those over 70 (16%). Those seeking financial advice skew to upper income households — nearly a quarter (22%) have a household income of more than $100,000 per annum.
- Nearly 1 in 5 (18%) of people 50+ intend to switch Telcos/ISPs or utilities providers in the next year (presumably to save money or gain better value for money). This intention is as strong among people 70+ (18%) as it is among 50 somethings (17%) and 60 somethings (19%).
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