Savings fall dramatically for the over-75s, says new report

The savings of people over the age of 75 have plummeted by almost half over the past two years, according to a new report. 

Aviva’s latest Real Retirement report suggests that older pensioners are being forced to use their savings to meet rising living costs, with average savings pots dropping from £22,500 (Q2 2010) to £12,998 (Q2 2012).  In addition, almost a quarter of this age group has a credit card debt they do not repay in full on a monthly basis.

Meanwhile people aged 55-64 have also seen their savings fall, from £11,176 (Q2 2012) to £9,373 (Q2 2012), as they face their own increasing bills and assist other family members.

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