Credit, Collections & Insolvency News
New data released by the ONS has shown how the over 65s have been much more insulated from the effects of the pandemic than younger age groups.
The research indicated that over 65s have approx. six times more saved in ISAs and current accounts than the 25-34 age group with 82% of over 65s report no trouble keeping up with bills. This compares to 65% in 25-34 age group.
Whilst 7% of 25-34 years olds said they were keeping up with bills, but it was a constant struggle in comparison to just 2% of over 65s.
Commenting on the finding Helen Morrissey, Senior Pensions and Retirement Analyst at Hargreaves Lansdown said “This data shows how retirees have been much better insulated from the financial shocks of the pandemic than younger age groups who have been hugely impacted by redundancy and furlough.
“The increased financial resilience of the over 65s in part brought about by higher levels of savings in ISAs and bank accounts means this group has been much better able to deal with the day-to-day financial pressures brought about by COVID. In turn, this means they are far more likely to be keeping up with their bills and credit card payments – something which is causing a bigger burden for younger age groups.”
