Informal Care Monitor Q2 2024

But what does this mean for people aged 50 to 65 who are facing these developments? To gain more insight into how this group is preparing for the challenges of their "golden years," Beep for Help conducts quarterly research among more than a thousand Dutch people between the ages of 50 and 65. This quarter, we examined the concerns and expectations regarding the current and future financial situation of this target group.

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Concerns about old age remain consistently high

The campaign 'Talk Today about Tomorrow', initiated by ActiZ and the Ministry of Health, Welfare and Sport (VWS), highlights the importance of having conversations about getting older and the challenges that come with it. The goal is not only to raise awareness, but also to take concrete steps toward better preparing for the future. Despite initiatives like this, research shows that six out of ten over-50s still worry about their old age. People in their sixties, in particular, have become more uncertain about the future over the past three months (32 percent).

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Uncertainties regarding financial situation after retirement

In 2022, 29 percent of adults reported worrying about their financial future, marking the first increase since 2013. According to figures from Statistics Netherlands (CBS) on Social Cohesion and Well-being, the higher people's income, the less concerned they are about their future financial situation. Two years later, the number of concerned individuals among older demographics appears to have risen sharply. Research by Beep for Help reveals that as many as 48 percent of over-50s fear experiencing financial difficulties after retirement. Women, in particular, worry about their future financial situation (fifty percent).

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Thinking about a financial buffer

A 2018 monitor by Motivaction on the financial awareness and skills of Dutch citizens showed that women are better at managing day-to-day finances than men. For instance, women are less likely to go into the red and have a better overview of their banking affairs. However, the same study revealed that men more frequently outline financial plans for the future. Adding to this, research by Beep for Help shows that two out of three men have put aside a nest egg in addition to their state pension (AOW) and any accumulated private pension. Of all respondents, women in their fifties are less likely to have a financial buffer.

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Inflation and money worries regarding discretionary spending

In 2022, inflation reached its highest level since 1975. According to Statistics Netherlands (CBS), this high inflation rate (averaging 10 percent) was driven by the post-pandemic recovery and the war in Ukraine. Inflation continues to fluctuate in 2024 as well. In June 2024, for example, consumer goods and services were 3.2 percent more expensive than a year earlier. These kinds of price increases and geopolitical developments can trigger significant worry. The Dutch Youth Institute (NJi) reports that inflation is causing growing numbers of families to struggle. It is also causing concern within our target demographic: a large proportion of Dutch over-50s expect to have little money left over for leisure and fun (sixty percent). Residents of Groningen, in particular, anticipate having less disposable income for enjoyable activities later in life.

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Inheritance and unrest

The average inheritance is around €23,700, according to Evi. The value of an estate can vary from a few hundred to millions of euros, and the contents of an estate and the way it is distributed can also differ widely. Discussing an inheritance remains a difficult subject for many. Research by Nationale-Nederlanden shows that only 18 percent of Dutch people discuss their estate plans with their children. Yet the Informal Care Monitor shows that a quarter of all over-50s sometimes worry about their loved ones' financial situation after they pass away. Even so, one in five over-50s would actually prefer to leave as little money as possible to their surviving relatives. The study reveals that men in their fifties, in particular, prefer to leave behind as little as possible.

View the results of previous Informal Care Monitors

Beep for Help regularly conducts surveys to gain insight into how people over 50 are preparing for the challenges of getting older—or their 'golden years'. This research is conducted among more than a thousand Dutch citizens between the ages of 50 and 65. We ask them about their concerns and expectations across various topics. Curious about other findings from the Informal Care Monitor? Click here for an overview of previous editions.