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10

Savings slump for pre-retirees, Aviva finds

Open-access content 10th October 2013

Four out of ten people aged between 55 and 64 saved nothing during the past year as the cost of living continued to rise, according to a report by insurers Aviva.

Real Retirement, published yesterday, found that the typical amount saved each month by these 'pre-retirees' had plummeted by 15% over the last 12 months from £39 to £33, due to the costs of essentials going up.

The trend sets pre-retirees apart from other age groups examined - 65-74 (retiring) and over-75s (long-term retired). Both these groups managed to increase the amount they saved each month.

Clive Bolton, managing director of Aviva's at Retirement Business, said: 'It is particularly alarming to see the slump in savings habits among those who are nearing retirement. Putting away even a small amount each month can make a real difference.'

Pre-retirees have been left even more vulnerable by a 22% drop in their average savings pot. Average savings for this age group now total just £9,653, down from over £12,000 last year. A fifth of pre-retirees have no savings or investments to fall back on at all.

There were more people on low incomes (less than £750 a month) than in any other age bracket, Aviva found, while changes to the benefits system mean fewer of them are able to access state support.

 

This article appeared in our October 2013 issue of The Actuary.
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