31% of consumers over the age of 55 do not save any money each month, and 47% are concerned about finances and retirement funds. These findings came as the result of a YouGov survey commissioned by Paymentshield.
The insurance provider said this correlates with the latest report by the Saga Foundation revealing the spending power of people over 50 has been slashed by 9% as a direct result of government policies and the Bank of England.
“The combination of low interest rates, pension costs and inflation has clearly had a devastating impact on the over fifties, especially with the general cost of living increasing,” said Tim Johnson, CEO of Paymentshield.
“With an unpredictable economy and employment market, one would hope that more people, particularly older generations, are preparing themselves financially for the unexpected. Unfortunately, because budgets are being squeezed, many are finding it difficult to put away savings, but this is why it is especially important for the over 50s to seek financial advice.”
The You Gov research also found that 46% of over 55s had never visited a broker or financial adviser to discuss their finances.
Johnson added: “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.”