The savings habit gets stronger with age

People who are aged 55 or over have twice as much saved for the future than the UK average, according to March 2017 research by SunLife.

The Cash Happy report found over-55s have an average savings balance of £47,237, compared to the overall UK average of £26,180. One in five people in this age group have more than £100,000 stored away for their future.

That doesn’t mean older people are always making the best decisions for building up their savings. 30% of over 55s still keep some of their savings in a jar or biscuit tin, with one in 10 having more than £500 stashed away at home.

73% state they have savings stored in an instant access account – two-thirds of these people have more than £20,000 held in this way. This is despite the fact interest rates are at record low levels. 57% of over 55s surveyed said they are saving for their long-term future, but less than a quarter have a stocks and shares ISA.