Over-55s in financial bliss
The study, surveying 2,000 adults, also concluded that between 18 and 24 people go through their poorest years.
Ian Cornelius, commercial director at Skipton Building Society said: “After having worked all their lives, struggled to bring up families, but paid their mortgage and planned for a pension, the 55s and over are reaping their rewards.
“It’s a lesson to young people who think ‘We won’t be able to do that’. But they can!
“There is no reason why those younger people who keep on top of their mortgage payments, save whatever they can and get that company pension started will not reach their richest year eventually.”
Over 55s commonly have very few debts and own a car outright, despite bringing home an average of 7,000 less a year than the 34 to 44 bracket.
While earnings are generally lower, the lack of loans and childcare fees means they are able to enjoy more holidays and have more disposable income.
Only 29% of over 55s said they struggle financially towards the end of the month compared to 52% of those aged 18 to 24.
Cornelius added: “There is light at the end of the tunnel for many people who feel saving and planning for a brighter future is not achievable for them. Opting into a workplace pension can be the first real step along this path and it is evident that saving even a small amount on a regular basis is one of the best courses of action for young people who are presently struggling with money.”