Over 50s failing to make regular savings - Savings - News - Moneyfacts


Over 50s failing to make regular savings

Over 50s failing to make regular savings

Category: Savings

Updated: 03/10/2012
First Published: 03/10/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A worrying number of people aged 50 and over are not making adequate provisions for their future, despite expressing concerns about their finances and retirement.

A survey by the insurance provider Paymentshield found that almost one third of people aged 50 and over do not place any regular money into a savings account, mainly because of disappointingly low interest rates and the effects of high inflation on their potential returns.

Additional research by YouGov revealed that nearly half of those aged 50 and over had never discussed their financial options with a broker or financial adviser.

Tim Johnson, chief executive of Paymentshield, claimed that tight budgets are also impacting on the ability to make regular savings.

"With an unpredictable economy and employment market, one would hope that more people, particularly older generations, are preparing themselves financially for the unexpected.

"No one knows what's around the corner and it's never too late to obtain financial advice. By visiting a broker or independent financial adviser, people can get guidance tailored to their individual financial situation."

What Next?

Find the best savings accounts for you - Compare over 50's savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

6 of the best monthly interest savings accounts

Monthly interest savings accounts pay interest on your savings each month – as opposed to yearly – and therefore allow you to take a regular income from your hard-earned cash.

Savings being used as a festive financial buffer

Good news from RCI Bank UK – its latest research shows that many of us are saving more than we were a year ago, but the question is, will you be dipping into that buffer to cover the cost of Christmas?

6 of the best easy access savings accounts

Easy-access savings accounts are as simple as they sound – they allow you to access your money whenever you need it, without having to give advance notice, and they also allow you to pay into them at any time. Here are six of the best.