More people aged over 50 are finding it harder to save, despite increases to monthly incomes.
The average monthly income has risen by 4% to £1,361 since the start of the year. However, as the cost of living continues to rise, everyday expenditure is taking precedence over saving money, despite people's best intentions.
The typical amount saved each month by investors aged 50 and over has significantly fallen. The average monthly deposit is £31.05, compared to £39.97 reported during the first quarter of this year.
According to Aviva's Real Retirement Report, a rising number of people over 50 are being pressured to take out credit to cope with the costs of living, with outstanding debts 31% higher than last year. This is also eating into any extra income as repaying debts erases any chances of placing money in a savings pot.
Clive Bolton, retirement director of Aviva, said: "With the average amount saved each month falling over the course of the year and the average debt held almost a third higher than at this point last year, it is clear that there are some who are still struggling with financial pressures.
"As incomes increase and with over-55s' inflation easing back to 3.21% (May - Q2 2012), this is a good opportunity for people to boost their savings and try to pay down their debts. The more people can do to secure their retirement income before they stop working, the more prepared they will be to meet the expenses they encounter during their later years."
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