Over 50s need to save more
by Gill Montia
Story link: Over 50s need to save more
Abbey Savings has been researching the savings market and looking in particular at people aged 50 and over. The bank maintains that the average amount saved by someone reaching their fiftieth birthday is £7,179.
This is a surprisingly low sum considering that in the UK, the over-50s hold 91% of savings and current account assets, 43% of individual savings account assets and 33% of stocks and shares.
The current median sum of savings and investments held by 50 year olds would only produce an annuity of £400 per annum and Abbey Savings is recommending its Abbey 50+ Saver account to those who may be approaching retirement and need to save more.
The account offers up to 6.3% AER with a bonus of 0.5% until October 1st this year.
Savers can access their accounts by telephone, post, the Internet and cash machine.
Meanwhile Abbey Current Accounts claims that the average UK citizen spends £10,081 a year on whatever makes them happy.
The total spend for the country amounts to £496 billion a year and includes purchases such as holidays (£3,764), home improvements (£1,783) and eating out and socialising (£1,295).
Abbey Current Accounts is currently offering anyone switching to the bank an interest rate of eight per cent on balances up to £2,500 for a year.
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