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Home Finance Over 65’s finances resilient in face of COVID

Over 65’s finances resilient in face of COVID

by Staff GBAF Publications Ltd
  • Data shows how the over 65s have been much more insulated from the effects of the pandemic than younger age groups.
  • Over 65s have approx. six times more saved in ISAs and current accounts than the 25-34 age group
  • 82% of over 65s report no trouble keeping up with bills. This compares to 65% in 25-34 age group.
  • 7% of 25-34 years olds said they were keeping up with bills, but it was a constant struggle in comparison to just 2% of over 65s.

The ONS has released data on the impact of Coronavirus on household finances Coronavirus and the impact on household finances and living standards – Office for National Statistics (ons.gov.uk)

Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown:

“This data shows how retirees have been much better insulated from the financial shocks of the pandemic than younger age groups who have been hugely impacted by redundancy and furlough. The increased financial resilience of the over 65s in part brought about by higher levels of savings in ISAs and bank accounts means this group has been much better able to deal with the day-to-day financial pressures brought about by COVID. In turn, this means they are far more likely to be keeping up with their bills and credit card payments – something which is causing a bigger burden for younger age groups.”