Over 55’s “significantly poorer” than a year ago

A new report has shown that the rising cost of living has caused savings levels for the over 55’s to fall by a quarter over the past year. The average person over the age of 55 had savings of £15,262 this time last year, the new research has shown that this has now fallen to £11,153; a drop of over £4,000. Inflation and savings The figures are published by Aviva in their ‘Real Retirement’ report, which interviewed 12,000 people, and highlights the rising cost of living as they key factor behind the over 55’s needing to dip into their savings to meet day ...