NEARLY one in five workers aged in their 50s and 60s is going through a “mid-life savings crisis”, research suggests.
Some 18 per cent of workers in this age group surveyed for Aviva say they are unable to save anything for their retirement, as everyday living puts too great a strain on their finances.
Aviva’s Real Retirement report found two-thirds (64 per cent) of workers in their 50s are yet to ramp up pension saving in the run-up to retirement.
And just over half of those in their 60s – who are fast approaching or may even have passed the eligible state pension age – are yet to increase the amounts they are saving into their retirement fund.
More than 3,300 over-50s were included in the latest report.
Office for National Statistics figures showed this week the Consumer Prices Index rose to 3.1 per cent in November, up from three per cent in October. It means inflation is at its highest level since March 2012.
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