Savings up for older generations

On average the over 50s saved £550 between April and June, while 20-somethings experienced a 13 per cent drop in savings over the same period, Birmingham Midshires said.

“It is reassuring to see that those in midlife are saving toward their future,” commented Jason Robinson, director of savings operations for Birmingham Midshires

“We’d advise all savers to follow this great example and consistently put money aside so that they can enjoy the fruits of their labour later in life.”

Yet his comments come as insurers’ group ABI warns that debt is denting the ability of four fifths of people to save.

“Rising levels of debt are seen as a barrier to saving,” said Stephen Haddrill, the ABI’s director general.

However, for the older generation who are saving, they have put a way a third more than the first three months of the year which should go some way to supporting them in retirement.