Silver-haired citizens turn gold hoarders

02 May 2007
The personal household wealth of Britain's over-50s has soared by 45.6 per cent in the past five years, Abbey Savings has found.

With combined wealth of more than five trillion in sterling, the members of the 'golden generation' control sums equal to the GDP of Germany, France and the UK put together, the research claims.

Britain's 50-plus savers are the ones to watch, the study suggests, commanding more than 75 per cent of the UK's personal wealth.

And as people live longer, this powerful segment of society is set to grow in importance, believes Abbey's head of savings Reza Attar-Zadeh.

In 25 years time, the over-50s will make up 43 per cent of the population, and they already account for over 40 per cent of all consumer demand.

Abbey hopes to tap into some of that generation's accumulating wealth with its new 50+ Saver account.

But a contrasting survey published this week by Friends Provident underlines the fact that, for many, the retirement years are a time of financial constraint.

Two thirds of people believe they will need more than basic government pensions provision to live a comfortable life after they stop working, Friends Provident found.

Find out more about Abbey savings accounts

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