Press releases

‘Retirement Income Riddle’ impacting consumer health and wellbeing, Legal & General research reveals

Older people in the UK are facing a ‘Retirement Income Riddle’ that is leaving them more dissatisfied and depressed in retirement, new research by Legal & General and Demos has revealed.

19 Nov 2018

Press release (PDF 455KB)

The retirement income riddle report


Analysis of the English Longitudinal Study of Ageing (ELSA) has found evidence of a link between health and wellbeing and the choices people make about how they use their pension savings. The results suggest that thousands are potentially choosing options or even defaulting into arrangements that are increasing their likelihood of feeling depressed in later life or unable to plan for the future.

In particular, the research found that the biggest impact was on Britain’s poorest 50% of retirees. Those on poor or modest incomes who had put their money into investments were twice as likely to have not enjoyed their life over the past week (19%) than those with a guaranteed income for life (9%).These individuals were also more likely to say that they had felt ‘sad’ for much of the past week (22%), compared to retirees who knew exactly what income they would get month-to-month (15%)2

1 Ibid, p.19

2 Ibid, p.21

Emma Byron, Managing Director, Retail Retirement Income: "Our research with Demos shows that in the face of more choice, consumers need better guidance and support to understand how the financial decisions they make can affect their retirement journey."

Further information


Margrit Williams

Director of External Engagement

Legal & General Capital