Dementia is our biggest fear say Britain’s over-55s with money worries coming second

They are supposed to be the golden years of life, but for many Britons the prospect of ageing is being overshadowed by growing fears regarding what their old age may actually look like.

The latest research from consumer analysts Mintel reveals that the fear of developing dementia is the number one age-related concern for the over 55s. More than half — 56per cent — of UK consumers aged 55+ say that one of their key concerns for growing older is developing dementia, peaking at 59per cent of those aged 65-74. 

Health, wealth and the prospect of relocation prove to be the top concerns for the UK’s over-55 population as they grow older.

Almost half – 44per cent – of all over-55s are concerned about developing illnesses other than dementia, 26 per cent are worried about not having enough money for the future, while concerns about having to move into a retirement home were cited by a quarter (25 per cent) of over-55s.

Additionally, 18 per cent are worried about loneliness and 15 per cent worry about being targeted by fraudsters. On the other hand, highlighting that the majority of Brits are happy to grow old gracefully, just 8 per cent worry about looking older. 

Shining a spotlight on just how stressful growing older has become, overall, the vast majority (92 per cent) of Brits over the age of 55 express concern over any of these factors. 

Jack Duckett, Senior Consumer Lifestyles Analyst at Mintel, said: “The onset of dementia proves the headline health concern for the over-55s. The sense of fear which enshrouds dementia arguably poses a very real risk for consumer health, as it threatens to prevent people from becoming more informed about the condition. It could also mean that people delay seeking a diagnosis should they be concerned that they are experiencing potential symptoms.”

Although the proportion of consumers fearful of developing dementia is relatively consistent between age groups, with 55 per cent of those aged 55-64, 59 per cent aged 65-74 and 53 per cent aged 75+ saying they are nervous about developing the condition, there is more variation between different age subsets when it comes to other areas of concern.

For example, while just 11 per cent of over-75s say they are concerned about not having enough money for the future, this soars to 37 per cent amongst those aged 55-64.

By contrast, for Britain’s oldest consumers, it’s moving into residential care which is playing on their minds; 31 per cent of over-75s are anxious about having to move into a retirement home, followed by 26 per cent aged 65-74 and 19 per cent of those aged 55-64. 

Mr Duckett said: “The over-55s are often characterised as a financially very secure demographic. However, this is not the case across the entire group, with many 55-64s experiencing stretched finances as they continue to offer fiscal support to their families. Furthermore, as the average age of retirees continues to rise, the amount of money needed to support retirement plans also grows, putting yet more strain on existing pension pots.” 

Meanwhile, while some say that the older generations continue to be stereotyped within advertising as a conservative and traditional group with declining health, this is at odds with the group’s own perception.

Indeed, while 47 per cent of over-55s consider themselves ‘traditional’, 63 per cent view themselves as sociable, 48 per cent as healthy and 40 per cent fun-loving, while 23 per cent even see themselves as adventurous.