Abbey: Over 50s not saving enough

The average Briton’s 50th birthday is a milestone that many celebrate in style, but one bank has warned that the balances on most 50-year olds savings accounts are rarely anything to cheer about.

According to Abbey, the average UK resident has just £7179 in savings by the time they reach their fifth decade.

With retirement on the horizon, many of these will face “challenging” circumstances in later life, the banks says.

This is despite the fact that the over-50 age group as a whole holds most of the savings and current account assets in the UK.

Alexia Kolbe, head of savings at Abbey, said: “Although the over 50s have been one of the most successful generations, many people need to save more to achieve a good retirement.”

Those that are looking forward to a few little luxuries in retirement will be disturbed to know that they wont get much if they are one of the people whose savings are around the average mark.

The sum of £7179 would be enough for 11 top price Barbara Streisand tickets, just four treatments of La Mer “The Essence” face cream or 1435 grams of Golden Almas caviar.

© Adfero Ltd

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