Boomers still saving for the future

More than eight out of ten (83%) people over 50 say they are still saving for their retirement, according to The Savings Outlook Report from Alliance & Leicester Savings*.

Financial security in later life is a real priority for this group and 42% said they are making, or have made, sacrifices to help ensure they enjoy a comfortable retirement. Almost half (48%) say they will have to save for longer because of increased life expectancy. Furthermore, just under half (48%) are concerned that the changing economic climate will have a negative impact on their enjoyment of retirement.

The Alliance & Leicester Savings report found that the majority of people (58%) over 50 do not harbour any illusions of an extravagant retirement lifestyle, but are instead seeking to balance living well now with providing for a secure future.

There is a mixed picture of how those approaching, or already in, retirement feel about the financial decisions they have made in the past. Almost half of these ‘Silver Savers’ (48%) regret not giving enough thought to their finances in years gone by. Only a quarter (26%) of those surveyed say they live for today, spending now, as and when they choose, while the majority are holding back and striving to protect their retirement savings pot.

A third (34%) plan to use savings to fund holidays during retirement and another fifth (18%) intend to upgrade their car. A generous one in ten (13%), want to build an inheritance pot for their family or fund children or grandchildren’s futures (12%).

So - maybe we boomers are a bit more responsible than some press reports suggest.