Just half of over 50s surveyed for the report save regularly, putting aside £149 each month on average. The average savings pot of those who did save was £68,514.
Sunlife’s Finances After 50 report said that those aged 70 and over are the most likely to have savings. Nine in ten surveyed had money put aside, with 57% putting money aside each month. The average savings for those over 70 was £67,315.
Those aged between 60 and 70 had the most money saved, £76,404 on average.
Those aged between 50 and 59 were the least likely to have savings. Only 28% had any savings and less than half (46%) saved regularly. Of those who did save, the average amount saved was £62,165.
Men were no more likely than women to have savings and investments. However, they were more likely to save a larger amount regularly (£174 vs £127). On average they had considerably more saved with £89,843 on average compared to £45,954 for women.
On a regional basis, people in the East Midlands were the most likely to have savings (84%), but they had the least saved (£49,665 on average). The region least likely to have savings was in the North East where 29% of over 50s had no savings.
Scots were the most likely to save regularly with 52% saving every month. The least likely to regularly save were over 50s in the South West where less than half do (46%).
The survey also found that 41% of over 50s had financial worries or concerns about the future, rising to 52% for those aged 50 to 59. Women were more likely to have concerns than men. Almost half (44%) said they have worries compared to 37% of men, while 45% did not think they have enough cash for retirement.