Older Brits might be missing out on thousands as new data reveals that a huge number of retirees are unaware of what they are entitled to. Research commissioned by McCarthy Stone found that 43% of people aged over 55 in the UK are unaware of or unsure about age-related schemes such as Pension Credit, which is worth an average of £2,600 annually for those over state pension age.
“This research shows households could be missing out on millions in financial and housing support simply because they don’t realise what they’re entitled to, where to find out more or how to claim,” personal finance expert Sue Hayward revealed. The data shows that 65% of adults over 55 are unclear about their financial options later in life, while 71% don’t have a confident understanding of the support they’re entitled to. Additionally, 16% of respondents said they find it difficult to understand the information about financial support.
Hayward added: “Planning and research is key when it comes to having the power to choose the retirement you want.”
She also highlighted the Later Life Shared Ownership scheme, something she says is an option worth considering for those nearing retirement age. However, the survey revealed that 87% of over-55s don’t consider housing in their long-term financial security.
This scheme enables buyers aged 55 and over to buy a share of a home while paying reduced rent on the remaining portion. 178 homeowners using this model saved a combined £14.5million in 2025, McCarthy Stone revealed.
“If you’ve built up equity in your property, it’s worth exploring all avenues, as it may not be practical to stay in your current home forever, and there are other options when it comes to supporting an independent, but safer and more secure lifestyle,” Hayward said.
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A OnePoll.com survey found that the main reason people over the age is to reduce bills. Meanwhile, close to a fifth would consider moving to be closer to family in retirement.
“This research shows how powerful clear information can be,” said Chrissy Fice from McCarthy Stone. “When people understand the financial and housing options available to them, it can unlock confidence, flexibility and meaningful savings.
“Through our government-backed later-life shared ownership scheme, we’ve already seen customers save a combined £14.5million in 2025 while enjoying the benefits of a safe and secure new home – proof of how the right information can turn options into real financial and lifestyle outcomes.
“Our role is to help experienced homeowners make informed choices about how they want to live next, with clarity, control and peace of mind.”