Britons saving £7,000 by 50

01 August 2007
People in the UK on average have £7,179 saved by the time they hit 50, it has been reported.

Research from Abbey Savings shows that this amount is enough to buy one-thirtieth of a house and generate annuity of around £400 each year.

It added that this amount comes despite the fact that the over-50s hold 91 per cent of savings and current account assets, 43 per cent of individual savings accounts and 33 per cent of stocks and shares.

Spokesman Alexia Kilby stated that this was not good enough.

"Although the over 50s have been one of the most successful generations, many people need to save more to achieve a good retirement," she said.

The research comes as the company this week revealed that easy access bank account may not be doing what they claim.

It found that one in five offered consumers only one method of controlling their hoardings.

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