A large number of over-50s are turning to stock market investments to help fund their retirement, according to research by Saga.
The survey of more than 9,500 Saga customers found that a third of those over 50 years-old have invested in a listed company in order to provide an added income source in retirement.
However, this is not the only reason that over-50s are trading shares:
- 62% say they want a higher return than those offered in regular savings accounts
- 21% say they buy company shares to provide a regular income
- 7% described stock market investments as a personal hobby.
The survey also found:
- 1 in 13 have inherited shares from family members
- 1 in 13 received shares from their employer
- almost 3 fifths of 80-89 year-olds have bought shares during their lifetime.
Jeff Bromage, chief operating officer at Saga Personal Finance, said:
“These days’ [sic] lots of people are worried about making their money last in retirement and now that people are able to take their pension as a lump sum I wouldn’t be surprised if we see more people start trading to help boost their income.
“People should remember that there are some risks involved with share dealing so they should always do their research before they start investing their money.”