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UK’s retired hold the majority share of wealth but is this affluence affecting them?

The retired enjoy a larger share of the UK’s wealth, overtaking those aged under 45, according to a new report from Resolution Foundation. New research suggests that British seniors control 19% of the total wealth for the country and despite there being two-and-a-half times more under 45s living in the UK, in comparison this younger group only hold 16%.

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UK’s retired hold the majority share of wealth but is this affluence affecting them?

The retired enjoy a larger share of the UK’s wealth, overtaking those aged under 45, according to a new report from Resolution Foundation. New research suggests that British seniors control 19% of the total wealth for the country and despite there being two-and-a-half times more under 45s living in the UK, in comparison this younger group only hold 16%.

That’s not to say that baby boomers are feeling the effects of this supposed prosperity, however. Far from affluent, the more likely cause tilting the national share of household wealth is simply a cast-off from the economy’s fall. Those aged 65 to 74 were less affected by the credit crunch and, consequently, have benefited from the recovery of property prices in recent years.

In fact, the UK’s retirees are still having to keep a watchful eye on their spending, comparing the cost of stairlifts and budgeting other household necessities to spread personal funds further in retirement.

David Willetts, Executive Chair of the Resolution Foundation, explains: “There has been a long-term shift in the share of household wealth across the UK, which has been accelerated by the recent financial crash and subsequent downturn. The wealth of recently retired households has now overtaken that of the larger group of households headed by someone under 45 years old.

“However the notion that all pensioners are doing well financially is false, with one in seven having less than £50,000 in wealth to draw upon through their retirement.”

Fortunately a number of organisations, such as the Society of Later Life Advisers, offer financial advice to the elderly, suggesting grants they can access or providing guides to purchasing stairlifts and other equipment they may need.

The older generation may be least affected by the national pay squeeze but, as this report acknowledges, financial vigilance is still necessary in order to make the most out of their retirement years.

Image Credit: Tax Credits (flickr.com)

 

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