Debts ‘ halting over-50s dreams’

The over 50s are struggling to fulfil their lifelong dreams because they are tied down by financial constraints, a study has revealed.

More than two in five people over the age of 50 have yet to fulfil a single one of their lifelong ambitions, according to research from Saga Personal Finance.

The Saga poll asked over 50s whether they had fulfilled their dreams and also if they were in debt.

Just 14% of people quizzed said they had achieved all of their dreams, while 44% have not fulfilled a single lifelong ambition.

Almost half (47%) said their lifelong dream was to provide significant financial assistance to their children or grandchildren and a further 53% dreamt of being financially self-reliant. One in four (24%) dream of being debt-free, while one in five (22%) want to go on a dream holiday.

The report revealed that 39% are still paying off debt with mortgages and credit cards the most significant drains on their resources. More than one in 10 people in their 50s (12%) rely on their overdraft and a similar number (8%) are servicing hire purchase or finance agreements.

In comparison, 77% of over 75s questioned said they were debt free, with just one in 10 (13%) owing money on a credit card and 7% yet to pay off their mortgage.

Dr Ros Altmann, Saga’s director-general, commented: “People in their 50s are caught between their dreams and their debt; many have yet to fulfil their own lifelong ambitions but may well be having to put their wishes on hold as they juggle a range of demands.

“We know many of our customers are supporting university age children or helping older children get on to the housing ladder. In addition, they may be responsible for paying for an elderly parent’s care.”

Saga polled more than 13,000 people for the study.

source:  The Press Association