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Older Brits making bad savers
13/03/2006 17:35:00
Older Britons are among the nation's worst savers, new research suggests.
A survey by Birmingham Midshires found that 27 per cent of over 50s have no liquid savings, making them Britain's most vulnerable savers.
Moreover, those that did save were also the most likely to have raided their savings in the past three months, a practice admitted to by half of over 50s surveyed, compared to fewer than two in five of the under 30s.
Almost a third of older Britons had not put any money aside in the past quarter, leading Richard Brown, head of savings at Birmingham Midshires, to stress the need for regular saving as well as a good pension plan.
"Our latest Saving Britain Index has presented some worrying findings," he said.
"We already know that Britain is in the grips of a pension crisis but it is now evident that a lack of liquid savings are a further cause for concern."
Overall, almost four in ten Britons had no liquid savings, rising to more than six in ten among northerners.
Those that did save had access to an average of £11,235, increasing to £14,462 among the over 50s.
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