Economic confidence among over-50s at rock bottom, claim AXA

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Economic confidence among over-50s at rock bottom, claim AXA

Confidence in the economy is at a significant low point for people in or approaching retirement, AXA has claimed.

While a lack of frugality seems to characterise younger people, AXA's survey revealed that even in the wealthier brackets of the older generations, more than a third of respondents (35 per cent) said they did not have enough money to save for their planned retirements.

Debt repayments and savings have fallen generally, while a third of over-50s in AXA's underfunded seniors bracket were forced to dip into their savings.

Nick Turner, AXA UK's director of customer partnerships, explained that for people in retirement, "life seems to have become ever harsher as the country continues to face the task of tackling the enormous deficit".

Independent financial advisor David Penny recently claimed that equity release offers a cheaper and more flexible way for many people to pay for their retirement costs. As the loan is borrowed against a property and cleared as part of the eventual selling process, homeowners should not be seriously fazed if they release all of their built-up equity, he explained.

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