Surprising research reveals that eight in 10 over-50s in the UK are “satisfied with the financial situation of their household”, putting Britain seventh in a ranking of 56 countries.
Older Brits are happier with their finances than their counterparts in countries with a similar economic situation, including Germany, France and the US.
This is according to research conducted by academics at Bristol University with think tank The International Longevity Centre.
Switzerland came up trumps with 90% of over-50s saying they are “financially satisfied”, putting the country at the top of the list. Other countries ahead of Britain include Norway, Sweden and Finland.
This could add to the controversy surrounding the ‘baby boomer’ generation – those born between 1945 and 1960 – who some claim are gaining “unfairly” from an array of taxes and benefits that younger generations will not enjoy to the same degree.
Younger people feeling the strain
The younger generation is blighted with financial worry, with the average first-time home buyer now in their 30s.
This has left many considering loans for people with no credit for all sorts of milestones, including buying a car, house or paying for a wedding.
Leader of the project, David Hayes, highlighted the significant difference in financial satisfaction levels between older and younger Brits.
He said: “While 80% of older Britons report being satisfied with their financial situation, only two-thirds of those aged under 50 feel the same.”
Financial concerns of the over 50s
However, he added that with the spiralling costs of care and mounting financial pressure as the cost of living rises, over 50s are also at risk of experiencing a reduction in their quality of life.
This follows research from Which? showing that 23% of those aged between 50 and 64 are raiding their savings to cover the bills, compared to an average of 20% across the UK.
Anyone struggling to cover essential expenses such as bills can turn to joint loans. Combined credit scores and incomes can increase your chances of success when applying for a loan, and as long as these are repaid quickly, they can be a useful way to tide you over in times of need.