Saga comments on the Resolution Foundation Report that over 50s hold a greater proportion of UK Wealth

Thursday 10 December 2015

Commenting on the Resolution Foundation's report into the wealth of older homeowners, Saga's director of communications Paul Green said "The fact that those who have worked, saved and invested during their working lives are wealthier than those who are younger should come as no surprise.

Saga comments on the Resolution Foundation Report that over 50s hold a greater proportion of UK Wealth

Britain now has 22 million people over 50s - which is an increasing proportion of the UK population and as this population grows so too will their share of our nation's wealth. This trend is accentuated by societal changes with many more people working longer. There are now over 1 million people working past the age of 65 and by working are better off than previous generations.

"Using these trends to attack pension benefits would be wrong. If you take a wider view you would see that ultra low interest rates have benefitted younger people with mortgages by about £500 per month, whilst pensioners fortunate enough to have savings have seen their income cut by around £100 per month. We also need to remember that by far the biggest benefits cut, to help reduce the deficit, has been the increase in the state pension age."

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