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Thursday, February 28, 2013

Struggling finances of the over-50s


Friends Provident has published some research that shows the changing financial priorities of the UK's over-50s.

I do wish companies would stop using this idiotic age range of over-50s without breaking the results into smaller age groups. I suspect that the majority of the people questioned were 50-60, but that is just a Dick Stroud guess. Publishing the median age of the research group would have been some help.

For what it is worth here are the changes in the priorities

Today’s top five financial priorities for over 50s still employed are:

  • Making ends meet = 23%
  • Saving for retirement = 21%
  • Holidays / other leisure activities = 15%
  • Paying back debt = 14%
  • Children / other family = 9%

Top five financial priorities for the same respondents 10 years ago:

  • Children / other family = 27%
  • Making ends meet = 14%
  • Paying back debt = 14%
  • Holidays / other leisure activities = 14%
  • Saving for retirement = 9%

Don't forget that the company has a vested interest in getting you to save for a pension. Dick Stroud

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