Over 50s “worried they’ll be forced to leave their homes”

A new economic survey of people in their early 50s suggests that as many as a quarter of the age group are worried that will be forced to move home to bring down rent or mortgage costs.

AgeUK’s Economic Tracker, which monitors the financial confidence of a group being termed “tomorrow’s pensioners” , suggests that, while this demographic might be expected to be at the peak of their earning power, less than 40 per cent are confident about their future.

A new economic survey of people in their early 50s suggests that as many as a quarter of the age group are worried that will be forced to move home to bring down rent or mortgage costs.

AgeUK’s Economic Tracker, which monitors the financial confidence of a group being termed “tomorrow’s pensioners” , suggests that, while this demographic might be expected to be at the peak of their earning power, less than 40 per cent are confident about their future.

Employment is the most significant factor; nearly half of all unemployed people between 50 and 64 have been out of work for more than a year. Research quoted in the report suggests that it is harder for someone over 50 to get back into the workforce, and this age group is more likely to be made redundant. 

By contrast, this same group will be expected to work longer before receiving their state pension, and has seen returns on savings plummet over recent years.

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