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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

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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."

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