More than a quarter of older Britons have no liquid savings, a new report shows.
Direct savings provider Birmingham Midshires says while 27 per cent of those older than 50 have no liquid savings, they are also the age group who are most likely to raid their savings.
The Saving Britain Index shows that in the last three months16 per cent of over-50s have been forced to dip into their savings in order to cover the cost of bills that were higher than expected.
It was also revealed that one in three Britons older than 50 have not put any money into savings in the last quarter.
Commenting on the findings, Richard Brown, head of savings products for Birmingham Midshires, said that the revelations were "worrying".
He added: "We already know that Britain is in the grips of a pension crisis but it is now evident that a lack of liquid savings [is] a further cause for concern."
Mr Brown said older Britons still need to have liquid savings even if they have a good pension plan.
"A pension will really only maintain a standard of living at best, with little left over once the essentials have been paid for," he warned.
The index also revealed that London is the region with the highest number of people saving money (67 per cent), compared to the north of England where only 39 per cent of Britons are saving money.
Low liquid savings among older Brits revealed
Low liquid savings among older Brits revealed
Mon, 13 Mar 2006
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