Middle aged Brits financially squeezed

Middle aged Brits are feeling the squeeze more than most and are the least optimistic about the future, research has revealed.

Compare savings accounts with Propertywide.

The Times of our Lives Report from Aviva had found that, while gross household income peaks at around 35 years old, debt also peaks at around this age.

It was found that nearly half of those in their late 30s and 40s are worried about the cost of running their home, while 33% are concerned about unexpected expenses – more so than any other age group.

These pressures meant that those aged 35 to 54 said they would need an additional £600 a month in order to feel financially secure.

“At a time of significant economic upheaval and financial pressure, this research provides an insight into the effect this is having on Britons as they journey through the ages of life,” Simon Warsop, Business Development Director at Aviva.

“While 35 is the age most Brits say they want to be, increasingly the ‘squeezed middle ages’ are feeling the pinch – weighed down with responsibility and making ends meet – it’s no wonder these age groups feel the most pessimistic,” he added.

Those aged 35-54 were the most likely to say they won’t achieve their life goals, and were given an optimism score of 13%.

“Either side of middle age it’s pleasing to see today’s twenty-somethings are still striving and ambitious, while the baby boomers and those over 65 say they are most satisfied and content with their lot and currently the average homeowner’s net wealth peaks at 65 plus,” said Mr Warsop.

You can compare savings accounts with Propertywide.

avatar
Posted by: WarrenWilson Categories: Finance Tags: , Comments Off on Middle aged Brits financially squeezed

Comments are closed.