Home Financial Planning Price of residing hitting these in 50s hardest

Price of residing hitting these in 50s hardest

Price of residing hitting these in 50s hardest


The will increase in the price of residing because of inflation are hitting 50-59-year-olds the toughest, in line with new analysis.

Solely 59% stated they felt assured they may preserve their present way of life in a 12 months’s time, far beneath the UK common of 70%, in line with the report from Aegon.

Half (51%) of 50-59-year-olds had lowered their day-to-day spending compared to the UK common of 46%.

The disaster was additionally impacting retirement saving, with 13% of 50-59-year-olds surveyed having stopped or lowered their contributions in response to will increase in the price of residing.

One in 5 (21%) of these of their fifties had dipped into their long-term financial savings.

One in three (37%) of the age group stated they had been beneath psychological pressure because of their present monetary state of affairs, compared to 27% of employees beneath 50.

Steven Cameron, pensions director at Aegon, stated: “Our analysis brings into sharp focus the plight of these of their fifties. Whereas the pandemic and cost-of-living disaster have impacted all age teams, individuals of their 50s typically have a number of monetary pressures and are having to juggle priorities like by no means earlier than. That is resulting in psychological pressure and a insecurity in future funds.

“It’s important that the plight of the 50-somethings shouldn’t be forgotten. The challenges of the cost-of-living disaster are impacting on this personnel in a profound method.”

H/Advisers Cicero surveyed 900 employees and 100 retirees within the UK on behalf of Aegon in July.



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