Early 50s Worried They'll Lose Their Homes.
Published on 30 July 2013 12:00 PM
Nearly a quarter of people in their early 50s are worried they'll be forced to leave their homes because they won't be able to keep up their mortgage or rent payments according to Age UK's Economic Tracker.
The figure from a poll of 971[i] people aged 50 plus across the UK is a barometer of the financial confidence of a demographic group who would traditionally be expected to be at the peak of their earning power. Instead the tracker poll shows only 38 per cent of people aged 50 plus say the future looks good for them.
Age UK believes the results paint a worrying picture of a generation of "tomorrows pensioners" beset with financial worries, including potentially finding themselves homeless.
A key concern for many is keeping or finding a job. Nearly half of all unemployed men and women aged between 50 and 64 (46 per cent - 191,000 people ) have been out of work for more than a year with reducing prospects of finding a job despite being expected to work longer before they receive a State Pension.
Research shows that it is harder for someone aged 50 and over to get back into the work place than for any other age group. Studies also show that they are more likely to be made redundant when compared with workers aged between 29 and 49.[ii]
At the same time low interest rates and poor returns on annuities mean that earnings on any savings designed to fund retirement are extremely low.
Michelle Mitchell said,
"We know that times are tough financially, but when a significant number of people aged 50 and over say they are worried about losing their homes, it's a clear sign that many are truly struggling to keep their heads above water.
"While all sorts of factors may be at play, we know that too many older people currently find themselves locked out of the job market just because of their age.
"With the State Pension Age rising to 67 by 2028, it's more important than ever that the Government, employers and recruiters ensure that people looking for work are judged on their skills, expertise and what they can bring to a job, not just their birthdate, enabling them to continue to contribute to the economy and build up to a financially secure retirement."
Today's figures are among the first wave of Age UK's Economic Survey which is the centre piece of the charity's regular economic tracker. The tracker was developed to reflect the impact of the economy on the financial being of older people, analysing trends and the views of older people.
Please contact the press office for a copy of the Economic Tracker.
Notes to editors
For media enquiries relating to Wales, Scotland and Northern Ireland please contact the appropriate national office: Age Scotland on 0131 668 8055, Age Cymru on 029 2043 1562 and Age NI on 028 9024 5729.
Age UK is the new force combining Age Concern and Help the Aged, dedicated to improving later life.
We provide free information, advice and support to over six million people; commercial products and services to well over one million customers; and research and campaign on the issues that matter to people in later life. Our work focuses on five key areas: money matters, health and well being, home and care, work and training and leisure and lifestyle. We work with our national partners, Age Scotland, Age Cymru and Age NI (together the Age UK Family), our local Age UK partners in England and local Age Concerns. We also work internationally for people in later life as a member of the DEC and with our sister charity Help Age International.
Age UK is a charitable company limited by guarantee and registered in England (registered charity number 1128267 and company number 6825798). Age Concern England and Help the Aged (both registered charities), and their trading and other associated companies merged on the 1st April 2009. Together they have formed the Age UK Group ("we"). Charitable services are offered through Age UK and commercial products are offered by the Charity's trading companies, which donate their net profits to Age UK (the Charity).
[i] Poll carried out by Ipsos Mori between 8.3.13 and 26.3.13