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Price of residing hitting these in 50s hardest

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Price of residing hitting these in 50s hardest

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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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