Aviva retirement calculator research 'concerning'

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Aviva retirement calculator research 'concerning'

A source from Aviva has described the firm's latest research on older people's financial situations as worrying.

Clive Bolton, 'at retirement' director at the company, highlighted how mortgage debt has increased among the over-55s and savings pots have got smaller.

He said: "The fifth Real Retirement Report provides a valuable opportunity to look back at how the finances of the over-55s have changed over the last 12 months."

The document indicates the monthly income of such consumers has dropped by four per cent during the period and the number of people with less than £500 put aside in a savings account has reached 30 per cent - up from 21 per cent.

Mr Bolton stressed that the economic future of the UK is much brighter than many believe and the over-55s appear to be generally optimistic about their prospects over the next five years.

However, Brits seem less confident regarding money they owe, with 15 per cent of the baby boomer generation not expecting to ever pay off all of their debts.

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