Longer lives, longer retirements

As life expectancies continue to rise, people will need more money to maintain their standard of living through a longer retirement. And as the population continues to age, more people will come to rely on a pension system that is stretched thin.

Smaller pensions, more funding gaps

The pensions industry says that the standard 8% of earnings saved into a pension may not be enough to fund a full retirement. That means, coupled with longer lives, many people retiring today will not have enough to fund a full retirement.

Later home ownership, more debt in later life

Today people are buying homes later in life, meaning they are retiring with more debt than previous generations. By 2029, it’s estimated that unsecured debt held by people over 55 will total £548bn, and pensions alone will not make up the shortfall.

Caring for two generations at once

To add to the financial strain put on today’s over-55s, many are still required to help their adult children or grandchildren financially, as well as support the provision of social care for their parents.

Our latest insights

  • Thought leadership
  • Media
13.06.22

TOTAL LATER LIFE LENDING MARKET VALUED AT AROUND £153.9 BILLION

AKG paper is the first to define the total size of the Later Life Lending market Customer education, adviser training, product evolution and regulatory support identified as the crucial next steps for continued market evolution

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24.01.22

KEY GROUP APPOINTS NATIONAL ACCOUNT MANAGER

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02.11.21

Standard Life Announces Strategic Partnership with Key Group to enter the Lifetime Mortgage Market

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02.11.21

Key Group colleagues raise £5,000 for the Alzheimer’s Society

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08.07.21

90% of Customers Have or Would Recommend Equity Release to Family and Friends

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06.01.21

• IFAs are the most upbeat about referring more equity release cases • But introducers forecast slower growth as the economy recovers

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03.12.20

KEY GROUP LAUNCHES LEADERSHIP ACADEMY PROGRAMME

Key Group, the leading Preston-based specialist provider of financial solutions to the over-55’s, has launched a new Leadership Academy Programme for its over 100 people managers as part of its commitment to making Key Group a great place to work.

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25.11.20

Half of women approaching retirement are worried about running out of money in later life

• Proportion of over-55s worried about running out of money in retirement increases to over a third (34%) over the last year

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17.09.20

Launch of Mortgage Advice Bureau Later Life

Mortgage Advice Bureau (MAB) is pleased to announce the launch of Mortgage Advice Bureau Later Life (or MAB Later Life), as part of a new and exclusive strategic partnership with the later life lending expert, Key Group.

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23.07.20

Property Wealth is Key to Care Funding for Over 55s

• Reliance on property wealth grows as faith in savings and pensions falls • Just one in 25 would choose residential homes for their long-term care

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28.03.24

Key Group Publishes Its 2022/23 Gender Pay Gap Report As Part Of Its Sustainability Strategy

Key Group – the leading later life servicing group based in Fulwood, Preston – has published its gender pay gap for 2021/22 as part of its Sustainability Strategy

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15.11.22

Key Group Offsets All Historic Carbon Emissions As It Launches Sustainability Strategy

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07.12.21

KEY GROUP APPOINTS RISK AND COMPLIANCE DIRECTOR

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21.01.21

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05.11.20

Key Group Confirms Collaboration with Newcastle Building Society

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08.05.20

Key Group creates new Director of Technology role

Key Group, the leading Preston-based specialist provider of financial solutions to the over-55’s, has promoted Jack Neary to Group Technology Director.

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06.01.20

Dean Mirfin to step back from Key Group

After almost 22 years at Key Group, Dean Mirfin (Chief Product Officer) will be stepping back from the business to pursue other opportunities.

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11.12.19

New Group B2B Distribution Director at Key Group

Key Group, the leading specialist provider of financial solutions to the over-55’s, has promoted Russell Warwick (formerly Strategy Director) to Group B2B Distribution Director.

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04.12.19

Society of Mortgage Professionals Relaunches

The Society of Mortgage Professionals has relaunched with the aim of raising professional standards and equipping mortgage brokers with what they need to deliver the best outcome for consumers.

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02.10.19

Newly Rebranded Key Group sets out vision for Later Life Lending sector

Strategy will deliver enhanced distribution, services and partnership opportunities for those looking to enter the market

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We’re always happy to share our knowledge and insights with the wider world. If there’s anything you’d like to know about our market, our sector or how we’re working to address the changing needs of our customers, partners and society, feel free to get in touch.