Nearly half (46%) of people in their fifties believe the property market will decline over the next twelve months, while 54% anticipate that the UK economy will get worse, according to research from Just Group.
Whilst just a fifth (22%) of people aged 50-59 feel confident in purchasing and managing financial products as simple as a savings account – the lowest of any UK adult age group.
The research also highlighted that people in their 50s have reached a ‘pessimistic peak’ with a quarter also believing that their own financial situation will deteriorate in the next 12 months.
Stephen Lowe, group communications director at Just Group, said: “Many people in their fifties find they are taking care of the generations above and below them as the demands of raising children and supporting elderly relatives often coincide for this age group.
“So, it’s not surprising this group takes the gloomiest view of both their own financial situation and wider economic factors.
“On top of this they are also starting to worry what their quality of life will be in retirement.”
Indeed this seems to be the case with the Just research finding that achieving economic security is a major priority for fifty-somethings.
A third (34%) said preparing for later life (including the provision of long-term care arrangements) was ‘very important’ to them and half said it was ‘quite important,’ higher than any other age group.
The retirement specialist carried out the research as part of an in-depth look at how the UK population thinks and feels about property wealth.