1 in 5 five over 50s have no savings

I was a little concerned to read today that one in five of Brits over 50 have no savings or investments (excluding pensions). It suggests that the problems of an aging population unable to fund their own retirement may be upon us sooner than many think, writes Kat Mitchell.

When covering a news shift for Financial Planning Today this morning, I was shocked but perhaps not surprised to read a press release from SunLife with their research suggesting those between 50 and 70 may not be saving enough to help fund continuing in the same lifestyle throughout retirement.

Those aged between 50 and 59 were the least likely to have savings. Only 28% had any savings and less than half (46%) saved regularly. Of those who did save, the average amount saved was £62,165.

Unsurprisingly, the same research found that a considerable number of over 50s had financial concerns (41%), with 45% of women saying they did not think they have enough saved for retirement.

Here at Brandon Consulting towers we were somewhat shocked by the idea that so many have no savings at the age where most must be considering retirement. In my 30s I am acutely aware that I am perhaps not saving enough for a rainy day, let alone for retirement.

With the country braced for increased unemployment rates as the furlough scheme ends, and for the impact of Brexit looming in five short months, these savings figures don’t look likely to rise any time soon.

So what can the financial services industry to encourage more saving? And what role do us communications professionals play? Answers on a postcard please!