Live in the UK and Over 55?

  oresome 20:41 04 May 2007
Locked

According to a report from the savings arm of bank Abbey, this "Golden Generation" owns three-quarters (75%) of the UK's entire net wealth. In other words, this group owns £5.16 trillion of the UK's total wealth of £6.89 trillion.

But according to yet another survey from insolvency firm Thomas Charles, people over the age of 55 are having the most difficulty dealing with their debts.

Amazing what you can prove with statistics and funny how the conclusions of these reports always seem slanted towards the business's who finance them.

  Jak_1 20:51 04 May 2007

I'm 55 and I wish my bank balance higher than it is. I certainly have nowhere near the amounts they are talking about, fortunately I do not have debts either and pay my visa bill in full every month.

  GANDALF <|:-)> 20:57 04 May 2007

The report is partly based on the values of peoples' houses and one can assume that by the age of 55 most people will have no mortgage so they will have assets of at least £100k+. Therefore they are asset rich but can be cash poor.

G

  Bingalau 22:16 04 May 2007

GANDALF. You've hit the nail on the head. I own my own house and it's worth more money than I ever thought I would own. I suppose I could sell up and move to a smaller house/flat in a more convenient area. That would give me some readies to spend of course, but I couldn't face the idea of all that trauma of moving and getting rid of a lifetime's accumulated rubbish. It would take me a month to get rid of all the rubbish in the attic and the garage.

  woodchip 22:28 04 May 2007

Yep it must be an Accountent that's done the sums

  Forum Editor 23:30 04 May 2007

Well that's what accountants are for.

GANDALF <|:-)>'s right - millions of people over 55 own their properties outright, and the report is partly based on property holdings.

  Watchful 08:12 05 May 2007

Yep, most of this age group will have good fixed assets but not much in the way of liquid ones.

  sunny staines 09:00 05 May 2007

most have mortgage and loans paid off and most taking up retirement around that age, kids grown up and moved out too.

  Spark6 10:19 05 May 2007

You've been reading my mail!!! Only a month?

This thread is now locked and can not be replied to.

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