Guaranteed Investment Bond

Planning for the future and especially pension age has never been more important. If one thing the Coronavirus pandemic has taught us, it’s that we need better financial security to not only protect us when things go wrong, but also so we can enjoy living life to the full with our nearest and dearest. That’s where products like Unity Mutual’s Guaranteed Investment Bond* comes in.

Recently Unity Mutual did some research on the topic of saving for retirement with over 1,000 people 55+, approaching pension age, to understand just how the pandemic had changed their attitudes to spending and saving money and we found some very interesting trends. Here’s what we learned:  

Saving for retirement: Family Values

Due to the pandemic, many of us have not spent as much time with our loved ones as we would have hoped this year – which seems to have had a drastic change on those aged 55 and above who have shifted their purchase planning. It would seem that things which equate to families spending time together are now top of the priority list, replacing material possessions. Almost half (45%) say that they are less materialistic and only 5% say that their biggest ambition for the next ten years is to buy a sports car or 6% to buy a designer wardrobe.

The age group appears to have longed for quality time with family members – 32% want to use their money to undertake activities with the family while 25% want to take their family on life-changing trips. Post lockdown and Coronavirus, this age group now want to take their family to see more of the world – visiting far flung destinations like Thailand https://www.lonelyplanet.com/thailand, Mexico https://www.roughguides.com/destinations/north-america/mexico/ and the Maldives https://www.tripadvisor.co.uk/Tourism-g293953-Maldives-Vacations.html

It’s the togetherness that they crave, following a sustained period of being apart.

So what has changed? Only 13% say they want to use their money to help their youngsters get onto the property ladder perhaps showing a shift in life priorities for all age groups following the pandemic.

The group also say they plan to be more adventurous than their parents at this age – with 58% wanting to eat out more with the family. 14% say that they feel more adventurous now than prior to the pandemic.

As the post-war generation edges towards retirement, with many already grandparents, the stereotype of the traditional grandma who favours knitting and arts and crafts has faded. More than half (54%) said they hated the common misconception that people their age are interested in stereotypically “old people” activities such as gardening and afternoon tea, while 59% said the biggest misconception about their age group is that they are boring.

And for some, the pandemic has made them look back on their lives. 52% say that if they could – they would advise their younger selves to get out and do as much as possible, see as much of the world as possible and live life more ‘full’ than they perhaps had. Sadly, 36% say they would have chosen a different career path if they could.

When it came to money, 47% said they are more careful with their finances now, while 42% said they are more likely to save than they were when they were younger, and 33% said they are more wary when it comes to taking out loans and credit cards.

The importance of financial security and ways to save for retirement is something baby boomers were keen to pass on to the next generation. When asked what advice they would give to their younger selves, 62% said they would advise saving up for the future, while 52% said they would tell their younger selves to travel as much and as often as possible.

Steve Code, Director at Unity Mutual said: “The research shows that the tired, old stereotype of the granny knitting by the fire is long gone. Over-55s want fun and adventure, and our study shows those approaching pension age are looking forward to a retirement filled with travel and special moments with their friends and families - despite the ongoing coronavirus pandemic.

“If there’s one thing lockdown has taught us it’s that the things we value most can’t be bought, and that, when it comes down to it, it’s the memories we make with our loved ones that stay with us for the rest of our lives. We are proud to help those approaching pension age invest in their futures and saving for retirement.”

 

For those approaching pension age wanting to save for their next adventure, Unity Mutual offers a Guaranteed Investment Bond offering 2.25% interest, paid annually - and your money is 100% protected.

To apply, click here

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