Abbey says Beat Generation are well off

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Abbey says Beat Generation are well off

Those over 50, known as the Beat Generation, hold the vast majority of wealth in Britain, research from Abbey has found.

A full 91 per cent of savings and current accounts are in the hands of this demographic, as well as 43 per cent of Individual savings accounts.

Overall, the combined personal wealth of Britain's over-50s is more than the GDP of every country in the world barring the USA, the financial service provider says.

Reza Attar-Zadeh, director of savings and investments at Abbey, said: "It is amazing to think it is over 50 years since the start of the Beat movements.

"The beatniks and boomers - who are now over 50 - have now grown into one of the most successful and influential generations - both culturally and financially.

It is because of this that Abbey has launched its 50-plus account, Mr Attar-Zadah said.

The term Beat Generation was coined from Jack Kerouac's famous book On The Road.

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