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Baby boomers enjoy 'dream' lives | Baby boomers enjoy 'dream' lives |
(about 4 hours later) | |
People in their 50s - the so-called baby boomer generation - enjoy "dream" living standards, a report says. | People in their 50s - the so-called baby boomer generation - enjoy "dream" living standards, a report says. |
In fact, the over-50s control 80% of the UK's wealth built on the back of soaring house prices. | |
But people in their 30s and even 40s face a less stable later life, with many struggling with the burden of mortgages and personal debt. | But people in their 30s and even 40s face a less stable later life, with many struggling with the burden of mortgages and personal debt. |
The report sponsored by insurer Friends Provident concluded that younger people needed to boost their savings. | The report sponsored by insurer Friends Provident concluded that younger people needed to boost their savings. |
'Money to spare' | 'Money to spare' |
"The baby boomers find themselves in a unique position - they've worked through periods of relative economic prosperity and have experienced rocketing house prices which means many of them now have money to spare," said Friends Provident spokesman Jeremy Ward. | "The baby boomers find themselves in a unique position - they've worked through periods of relative economic prosperity and have experienced rocketing house prices which means many of them now have money to spare," said Friends Provident spokesman Jeremy Ward. |
Interestingly, nearly one in four people aged over 50 works purely for the social contact rather than out of financial necessity, the report found. | Interestingly, nearly one in four people aged over 50 works purely for the social contact rather than out of financial necessity, the report found. |
But Mr Ward added that it was "a different story" for younger people. | But Mr Ward added that it was "a different story" for younger people. |
"If they want to enjoy the same sort of freedom and choices [as baby boomers] they need to start planning for their future now." | "If they want to enjoy the same sort of freedom and choices [as baby boomers] they need to start planning for their future now." |
You Gov surveyed nearly 3,500 adults over the age of 35 for the report. | You Gov surveyed nearly 3,500 adults over the age of 35 for the report. |
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