New fear of over-50s losing their homes

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In your 50s? Worried about falling behind with the mortgage or rent? Age UK claims there's a surprisingly large number of older people - 23% of almost 1,000 people polled - extremely anxious about losing their home.

Why are almost a quarter of those polled so concerned about keeping a roof over their heads?

Changing face of UK employment

It's down to job insecurity, the rising cost of basics and laughable rates of interest on UK bank savings - all are contributing to the tension. But it's the lack of work security that is the biggest stress-inducer, says the charity.

"Research shows," say Age UK, "that it is harder for someone aged 50 and over to get back into the work place than for any other age group. Studies also show that they are more likely to be made redundant when compared with workers aged between 29 and 49."

New 'pauper' generation?

Age UK's Michelle Mitchell adds that though times are generally tough financially, "when a significant number of people aged 50 and over say they are worried about losing their homes, it's a clear sign that many are truly struggling to keep their heads above water."

"While all sorts of factors may be at play, we know that too many older people currently find themselves locked out of the job market just because of their age.

Longer term, the current squeeze on people in their 50s means there is less cash to put away for savings for their old age or pension. Combined with miserable annuity rates - likely to fall further longer term because of increased life expectancy - there is profound concern a new generation of 'pension paupers' will likely enter retirement in the next decade.


Poverty rediscovered

Earlier this year homeless charity Shelter claimed 1.4 million people had fallen behind with mortgage or rent payments. Twenty per cent said they were constantly struggling to pay their rent or mortgage – a 44% increase from December 2011.

More miserable news from insurance giant LV, too: it claims that 15% of currently retired British men and women now have an income of less than £154 a week, slipping to just £8 after essential living costs.

Seven retirement nightmares

Seven retirement nightmares


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