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Over-55s regret not saving more
8:45am Tuesday 29th October 2013 in News
NEST eggs are cracking under debt pressure as half of the region’s over-55s wish they’d saved more according to York-based insurance giant Aviva.
The latest Aviva Retirement Report reveals 54 per cent of over-55s in Yorkshire wish they had saved more on a monthly basis, as one in four say having enough money to live comfortably is the key to a happy retirement.
The statistics tie in with dwindling savings pots as the average over-55s’ nest egg in Yorkshire has fallen from £14,999 in September last year to £9,998.
The 33 per cent fall is £4,186 less than the national average for savings, which stands at £14,184.
Meanwhile, the proportion of over-55s in Yorkshire who currently have no savings has increased to 20 per cent, up from 11 per cent in September 2012.
However, smaller savings pots are being offset by a “significant reduction” in the total amount of unsecured debt belonging to over-55s.
A year ago, the average over-55 in Yorkshire owed £29,419. This has now fallen by 60 per cent to £11,716.
Clive Bolton, managing director of Aviva’s At Retirement business, said: “It’s fantastic that over-55s in Yorkshire have remained so dedicated to debt repayment. However, this appears to have been at the detriment of their savings pots.”
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