Financial readiness
How are our cohort doing financially, and how prepared are they for their future living arrangements?
A mixed financial picture
Our respondents painted a nuanced picture when it came to financial wellbeing. While a number of participants felt broadly secure - often thanks to having paid off their mortgages or having modest but manageable income streams - others described their situation as precarious, with rising living costs and long-term uncertainty weighing heavily.
Many spoke of having “enough for now”, but few felt completely confident about the future. Several participants talked about relying on savings, equity release, or part-time work to maintain their current quality of life.
“We've had to take out equity release on the house to help with paying bills. It's a never-ending battle, and it should not be a never-ending battle.”
“We've chosen to live in a smaller house and diversify into a rental property rather than have all our capital tied up with no income.”
Even those who considered themselves financially comfortable weren’t necessarily carefree - there was a consistent awareness that circumstances could shift quickly, and careful management was still essential.
Planning varies widely
Preparation for future living arrangements was uneven across the group. Some had already taken steps - downsizing, adjusting investments, or discussing options with family - while others admitted they were deliberately putting off difficult decisions or unsure where to start.
“We are thinking of moving home... We’ll purchase a place where we can possibly have or buy an annex... So yes, our future plans are worrying.”
“We don’t plan because we’re both retired... I have a little part-time job that I don’t need to do, but I do it because I enjoy the social aspect of it.”
Some respondents expressed frustration at the lack of clear, trustworthy advice on later life finances - particularly around the costs and implications of retirement communities or care provision. There was a strong sense that transparency and trust were in short supply.
Priorities over perks
When thinking about what they could afford in the future, participants were generally pragmatic. Their focus wasn’t on luxury, but value, security, and fairness. A simple, well-designed home with low maintenance and clear financial terms was seen as more appealing than high-end facilities or concierge-style extras.
“If the rent was reasonable and the service charge was included, then it might be something to ponder over. But I would prefer to own, feel that security around me.”
“On balance, if I’m going to do it, I would rent.”
Many also reflected on the emotional side of money - not just what they could afford, but how it felt to weigh comfort, freedom, and inheritance in their later years. For some, the idea of “giving up their estate” in exchange for housing security triggered discomfort.
Emotional readiness often lags behind
One subtle but powerful thread in the interviews was the emotional delay in financial planning. While most recognised the need to act, very few were eager to confront the decisions involved. Denial, discomfort, and inertia all played a role in slowing down what were often described as “inevitable” conversations.
For some, this was wrapped up in identity - a reluctance to accept the implications of ageing. For others, it came down to family dynamics, or simply not knowing who to trust.
“I feel concerned and anxious about it, and I shouldn’t at this time of my life, having worked and achieved. That’s just how it is.”
This reluctance didn’t mean people were disengaged - far from it. Many had thought a great deal about the future. But the gap between reflection and action remained wide.
source: Boomer + beyond_Living well later_qualitative research study_2024