Thursday, February 28th, 2013
Some 23 per cent of over-50s are focused solely on making ends meet as they struggle with their economic circumstances.
Research by Friends Life has uncovered the stark situation facing many baby-boomers and getting by remains the number one financial priority for this age group.
On top of this, 65 per cent feel they have less disposable income than they did ten years ago, while almost 44 per cent of individuals are still paying off their mortgage.
Colin Williams, managing director of corporate benefits at Friends Life, said: "The fact that almost a quarter of the working over-50 population are struggling to make ends meet is worrying."
He added this period of life is normally a "time when the focus should be on consolidating and planning for retirement" and not on servicing debt.
Mr Williams is also concerned by the fact that only 21 per cent are prioritising saving for retirement.
By Joe White
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