People over 50 are setting a good example to younger generations by leading the charge in saving according to latest research out today from savings provider Birmingham Midshires.
On average, the over-50s saved £550 between April and June, a 33 per cent increase on the £413 they saved over the first three months of the year. Twenty-somethings could take heed from their parents, with savings dropping 13 per cent between April and June (£227 compared to £295 between January and March). Those in the 30 to 50 age group remained fairly stable with a slight dip of three per cent, from £679 to £658.
Jason Robinson, director of savings operations for Birmingham Midshires commented on the findings: “It is reassuring to see that those in midlife are saving toward their future. With recent scares on the pension crisis, it is important that the over 50s lead the way in saving for retirement. We’d advise all savers to follow this great example and consistently put money aside so that they can enjoy the fruits of their labour later in life.”