Over-50s 'setting a good savings example'
07/08/2006
The over-50s increased their savings during the last three months, according to new figures from Birmingham Midshires.
Latest figures from the financial provider show that between April and June 2006, the over-50s saved an average of £550 – a 33 per cent increase on the first three months of the year.
In comparison, savings by those in their 20s decreased by 13 per cent during the same period, whereas individuals between the ages of 30 and 50 also reported a slight drop in savings.
Jason Robinson, director of savings operations for Birmingham Midshires, said: "It is reassuring to see that those in midlife are saving toward their future.
"With recent scares on the pension crisis, it is important that the over-50s lead the way in saving for retirement."
"We'd advise all savers to follow this great example and consistently put money aside so that they can enjoy the fruits of their labour later in life," he added.
Additionally, the research shows a difference in attitude to money between the sexes, with men's savings up 27 per cent but women's down 23 per cent.
Regionally, the midlands and Wales have seen the biggest increase in savings, with 62 per cent more money put away in the second quarter of the year.
Birmingham Midshires' Saving Britain public awareness campaign is currently exploring people's attitudes towards savings and money management.
Latest figures from the financial provider show that between April and June 2006, the over-50s saved an average of £550 – a 33 per cent increase on the first three months of the year.
In comparison, savings by those in their 20s decreased by 13 per cent during the same period, whereas individuals between the ages of 30 and 50 also reported a slight drop in savings.
Jason Robinson, director of savings operations for Birmingham Midshires, said: "It is reassuring to see that those in midlife are saving toward their future.
"With recent scares on the pension crisis, it is important that the over-50s lead the way in saving for retirement."
"We'd advise all savers to follow this great example and consistently put money aside so that they can enjoy the fruits of their labour later in life," he added.
Additionally, the research shows a difference in attitude to money between the sexes, with men's savings up 27 per cent but women's down 23 per cent.
Regionally, the midlands and Wales have seen the biggest increase in savings, with 62 per cent more money put away in the second quarter of the year.
Birmingham Midshires' Saving Britain public awareness campaign is currently exploring people's attitudes towards savings and money management.
