Pension holders struggling to make ends meet may be surprised to learn that over-50s in the UK apparently have more money than the combined gross domestic products of France, Germany and the UK.
That is the conclusion of a new financing study from financial services provider Abbey Savings, which has found that the personal wealth in this demographic has increased by 46 per cent in the past half a decade to reach £5.16 trillion.
If this financing trend continues, moreover, the savings specialist estimates that over-50s in the UK will be worth £40 trillion by 2043.
Reza Attar-Zadeh, head of savings at Abbey, said that the growing wealth of older people is having a knock-on effect upon society as a whole.
"The 50+ segment of society is already transforming the way we live and work," he said.
"If personal wealth and population continue to grow at current rates, the 50+ demographic will become even more dominant."
Earlier this week, a financing study from pensions company Friends Provident revealed how many people feared encountering financial hardship after retirement.
According to its survey, 32 per cent of people currently in a job are concerned they have not got enough savings to enjoy a comfortable retirement.
Pensions research highlights wealth of UK over-50s
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Pensions research highlights wealth of UK over-50s
Thu, 03 May 2007
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