The new ‘old’ may delay important financial decisions

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The view on what is old age has definitely changed as people are living longer, but Michael Ward, managing director at, has a concern that as a result they may also be putting off crucial financial decisions which could have unwelcome consequences further down the track for themselves and their loved ones.

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Whilst it’s great news we’re all hopefully living longer, the bad news is we don’t seem to be planning for it financially as well as we could.

According to a recent study of 2,000 ‘over 40s’ commissioned by comparison website, retirement used to be seen as the start of old age by 92 per cent of ‘over 40s’ whereas today they see it as the start of a new part of life.

However, 40 per cent of those surveyed said they would or may put off important financial decisions. 55 per cent did not have life insurance in place and 68 per cent of those never intend taking it out, 34 per cent did not have a pension in place, and 50 per cent did not have a will.

Michael Ward said, “These are shocking statistics. Whilst it’s great news we’re all hopefully living longer, the bad news is we don’t seem to be planning for it financially as well as we could.”

People now in fact think age 80 is the new ‘old’ as people in later life are living longer (85 per cent), leading more active lifestyles (65 per cent), working later (57 per cent), are healthier (56 per cent) and are more independent (47 per cent). Thirty years ago 77 per cent of people thought between 40 and 70 was old.

From the survey, the top six signs of getting old were:
1.    Falling asleep watching TV or reading the paper according to 44 per cent of women and 37 per cent of men.
2.    Becoming forgetful according to 41 per cent of women and 36 per cent of men.
3.    Groaning when getting up from a chair or out of bed according to 42 per cent of women and 33 per cent of men.
4.    Saying “back in my day” according to 38 per cent of women and 28 per cent of men.
5.    Choosing clothes for comfort rather than style - 40 per cent of women and 23 per cent of men thought this.
6.    Repeating yourself - 35 per cent of women thought this and 27 per cent of men.

87 per cent of people overall also didn’t stop doing something because they were worried it made them look old (84 per cent women and 89 per cent men)

93 per cent felt they are only as old as they feel and 82 per cent felt younger than their actual age with a fifth, 20 per cent thinking by 16 years or more.


For further information please contact:
Tel 01243 784000
Michael Ward, mobile 07825 368656
Email michael.ward(at)payingtoomuch(dot)com

Concise Public Relations Ltd
Tel 0207 100 3960
Stephanie Spicer, mobile 07879 811102
Martin Wood, mobile 07946 527240

Notes to Editors:

Research was undertaken by OnePoll, members of ESOMAR, the essential organisation for encouraging, advancing and elevating market research worldwide was founded in 2011 by Michael Ward, and is a website service for consumers that compares a wide range of financial services, mortgages and insurance products, mobile phones and home services such as energy suppliers.

It prides itself on providing quality customer service, with each customer being assigned a personal representative, and help and information always being available via telephone for its wide range of products.’s goal is to be the best, most up to date and unbiased comparison service in the UK, which compares on price, features and benefits.

Michael Ward also founded Eclipse Financial Systems in January 2011, an FSA authorised business which supports the financial services activities of Prior to that he founded and built Direct Life and Pension Services Ltd in 1990 which grew to a business with 200+ staff and a turnover of £20m+ (2008).

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