Large numbers of over-50\'s have had to stop putting money away as savings

Large numbers of over-50's have had to stop putting money away as savings

Other outgoings have taken priority

Two-fifths of over-50s savers have had to give up putting money in their accounts for an extended period of time as other outgoings took priority, a survey has found.

Some 40% of over-50s with a savings account said they had to stop their habit for a while, rising to almost three fifths (58%) for adults aged 50 to 54, Co-op Insurance found.

When asked why this was, 44% of over-50s savers who stopped for a while said other outgoings took priority.

More than a quarter (28%) had unexpected bills to pay and nearly a fifth (19%) said someone in their family needed financial help, so they gave money to them instead.

Published: by Radio NewsHub
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