People aged over-50 are facing a lifetime of financial insecurity after a recent report highlighted which age group is being hit the hardest by the cost of living crisis. Research from Edinburgh University’s Smart Data Foundry found economic inactivity rates have risen by a third for the over-50s age group since 2019.
The research also suggests that people aged 50 to 54 could experience double the financial vulnerability risk than those aged 70 to 74. Record-breaking rises in inflation and soaring energy bills over recent months have left those in their 50s and 60s facing the 'perfect storm' of redundancy and ill-health, combined with a lack of savings on pension provisions, according to the leading UK data scientists.
A recent survey of 1,000 people carried out by Opinium on behalf of Hargreaves Lansdown suggests that over one-third (34%) of workers aged between 45-54 have no plan in place for their remaining working years. This compares to roughly a quarter of 35-to-44-year-olds and 25-34-year-olds who had no plan for the time between age 50 and retirement.
