Monday, September 26, 2011

A quarter of over-55s have less than £500 in savings

A quarter of people over the age of 55 have less than £500 in savings, while seven out of ten people in that age group do not believe that they should pay for care in their retirement.

The findings are contained in the Real Retirement Report from insurance company Aviva, which is based on interviews with 10,000 consumers.

The report shows that over-55s have seen incomes fall, savings drop and debts rise as they struggle to cope with the rising cost of living. The average monthly income for this age bracket has fallen by almost £80 over the last three months to £1,216 due to spiraling inflation. However 25 per cent of people have just £500 or less saved in the bank.

Aviva found that despite the relatively low amount of money available to many in this age group, seven out of ten people do not believe that they should pay for care in their retirement. It also found that eight out of ten people admitted to being “worried, concerned or terrified” about meeting care costs. Most people questioned conceded that they are likely to have to meet some of the costs of care in their retirement.

Clive Bolton, a director at Aviva, said: “Our research clearly shows that the majority of over-55s do not believe that they should have to pay for care in retirement. However with a rapidly aging population, this is simply not possible.” more

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