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Are personal finances for the over 55s improving?

According to the new over-55s Financial Fears Index, the economic situation of older Brits appears to be making a slow recovery.

Both the saving and the income of Brits aged 55 or over seem to be on the increase, as the latest Real Retirement Report published by Aviva has shown.

After interviewing more than 12,600 Brits aged over 55, the report analysed and reached several conclusions regarding the finances of people within three different groups: UK pre-retirees aged 55-64; UK retired aged 65-74; and long-term retired Brits aged over 75.

Figures from the study found that the average monthly income has reached its highest level since November 2010, standing at a figure of £1,303.

Brits who are over 75 saw a 0.4% income increase to £1,129 in comparison to figures from December 2011, while pre-retirees experienced the highest rise with a 4% increase to £1,327. British people retiring, in contrast, suffered a 5% income drop to £1,318 from December 2011.

Rise in savings

This good news is also matched by a rise in monthly savings, reaching a two-year high at a current average of £39.97 a month in March 2012.

Further figures show that the number of over 55s with no savings is falling in comparison to last year, while the average amount saved has increased.

Specifically, while up to 20% of older Brits had no savings in March 2011, this has dropped to 17% in March 2012. In addition, the savings pots of Brits over 55 has risen from £11,427 (March 2011) to £14,198 (March 2012).

This news is sure to enhance the life of today’s retirees, especially after a recent study from LV= revealed that everyday costs for older Brits have seen a sharp rise of 33% since 2000.

The study also pointed at the rising costs of utilities and goods, coupled with a freeze in incomes for older people. The rise in inflation has also added to pensioners’ money woes. UK money lenders for bad credit could aid British pensioners struggling with their finances.

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Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074