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A fifth of over 55s have more than £100k in savings

Posted on 17 February 2017

Average savings among people 55+ is an impressive £47,237 – double the UK average.

One in five people aged 55 or over have £100,000 or more in savings, according to the latest research by SunLife. The average held is £47,237, which is almost double the UK average of £26,180.

Cash Happy - SunLife’s annual report which looks into the finances of more than 3,000 UK households – has found that the over 55s are the age group most likely to save, with over 55s 24% more likely to have at least £100 in savings than those aged 18-34.

The most popular type of savings and investments product amongst the over 55s is an instant access savings account; 73% have one and two thirds of them have more than £20,000 in the account. More than half of those aged 55+ take advantage of a Cash ISA, and 57% of those that do have between £15,000 and £20,000 (the limit is £20,000).

However, less than a quarter of 55-65s have a stocks and shares ISA; far more keep savings in their current account (57%) while almost a third (30%) still keep savings in a jar or biscuit tin. In fact, a third of 55-65s have more than £100 saved in a jar with one in ten admitting to having more than £500!

What are over 55s saving for?

People aged over 55 are most likely to be saving for their own futures (56%) or a rainy day (46%) while more than a third (37%) are squirreling money away for a holiday; 5% more than the UK average.

In fact, the over 65s are the age group most likely to be saving for a holiday with 41% saying they are saving up to go away which is 50% more than the 35-44 age group (27%).

The over 65s are also the group who go on the most holidays each year– 2.4 on average each year with 28% going on at least three. This compares to the UK average of 2.2 and just 19% who go on three or more.

Ian Atkinson, head of brand at SunLife said: “We’ve done a lot of research into the lifestyles of people over 50 and again and again we’re hearing how, in their 50s, 60s and 70s, people feel freer to do what they want, when they want. They’re not afraid to enjoy themselves and holidays make us happy, so it makes sense that this age group would be using the time they have to enjoy more holidays.

“We have always known that holidays are good for us, but Cash Happy shows that people who take holidays are considerably happier than those who don’t, so it is worth putting a little aside each month to pay for a holiday because it really is good for our emotional well-being.”

To find out more about how real people aged 50 and over are living life to the full, visit SunLife’s Welcome to Life after 50.

For more information about the benefits of ISAs, download our FREE ISA guide.

Find out about SunLife’s my Smarter ISA, a stocks and shares ISA available from just £10 a month which offers a straightforward and affordable way to invest.

Here's the information that you need to know about who we are and the other companies that we work with in order to provide our products and services.

Who are SunLife? 

Phoenix Life Limited trades as SunLife and is the provider of the Guaranteed Over 50 Plan, SunLife Insurance and the life insurance policy payment option for Funeral Plans. Phoenix Life Limited’s registered office is at 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 1016269). Phoenix Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is entered on the Financial Services Register (registration no. 110418). As part of SunLife’s commitment to quality service and security, telephone calls may be recorded.

SunLife Limited distributes financial products and services and is a company limited by shares, registered office: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 05460862). SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no. 769427).

You can contact us by post at SunLife, PO Box 1395, Peterborough, PE2 2TR or by phone on 0800 008 6060.

If you choose to add Funeral Benefit Option to your Guaranteed Over 50 Plan the funeral services are arranged and provided by Dignity Funerals Limited. Dignity Funerals Limited is a company registered in England and Wales No. 00041598. VAT registered No. 486 6081 14. 4 King Edwards Court, King Edwards Square, Sutton Coldfield, West Midlands, B73 6AP. Telephone No. 0121 354 1557. Fax No. 0121 355 808. Part of Dignity plc. A British Company. Dignity are not regulated by the Financial Conduct Authority or the Prudential Regulation Authority but are registered providers with the Funeral Planning Authority.

Who provides the Funeral Plans?

The funeral services are arranged by a funeral director selected by Golden Charter Ltd. Golden Charter Ltd are not required to be authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority in relation to funeral plans but are registered providers with the Funeral Planning Authority.

If you choose to pay for your funeral in one go, with a single payment, you will have a contract with Golden Charter. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

If you choose to pay for your funeral with a life insurance policy, the policy will be provided by Phoenix Life Limited, trading as SunLife. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.

Who provides My Smarter (ISA)?

My Smarter (ISA) is provided by Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. 188832. Member of The Investment Association. Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.

Who provides the Will writing services?

Hugh James is authorised and regulated by the Solicitors Regulation Authority (SRA Number:303202).

The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April 2014. The law in Scotland and Northern Ireland is significantly different. This is for information purposes and is not intended to be legal advice.

Who provides Family Life Insurance?

SunLife Family Life Insurance is provided by Scottish Friendly Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Details can be found on the Financial Services register (registration number 110002). Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ. 

Who provides SunLife Pet Insurance

SunLife Pet Insurance is arranged and administered by BDML Connect Limited. BDML Connect Limited is authorised and regulated by the Financial Conduct Authority (No. 309140). Registered in England and Wales Number 02785540. Registered Office: 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

Who provides SunLife Home Insurance

SunLife Home Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.

Who provides SunLife Car Insurance

SunLife Car Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.