What do you spend your pension on?

A recent study shows that over 50s around the UK are spending on average 27 million pounds a day! far exceeding the expectations of politicians. The recent implementation of George Osbourne’s pension freedoms scheme has given anyone aged over 55 much more freedom with what they are spending their pension on.

Some of the main reasons for over 50s spending their money as soon as it is accessible to them is due to plans they have made prior to retirement for example property development or a trip abroad. the new found freedom is widely seen as a benefit with most people finding it easy enough to regulate their spending.

However, there is obviously a risk that we could get carried away and spend the money too frivolously, expending our funds too fast. This would not only be a shame to do but a waste of so many years of hard work and dedication.

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