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.