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Older men save more than women, claims Saga

The older generation may have a reputation for being prudent with money, but research has revealed that almost one-fifth of over-50s do not save.

A survey from Saga found that 20% of men and 19% of women aged over 50 are not saving at all at the moment and 10% of 50-59 year olds don’t even have a savings account.

This could be down to a number of factors, such as rising unemployment levels, falling interest rates, or high inflation, which are leaving older people struggling to afford to make ends meet each week and leaving them with no extra money to put aside.

Of those who do save, it seems men save more money than women. Around 29% of men put away £250 or more each month compared with 19% of women.

Londoners came out tops for stashing away the most money into their savings account each month. Over a quarter of Londoners (27%) put away £250 a month, but this was followed very closely by people from the South East, North East, Scotland and Wales (all 26%).

Roger Ramsden, chief executive at Saga Services, said: “Some of the regional stereotypes about areas of the country where people are more cautious with their money have been supported, but others have been contradicted by our survey.

“It is concerning that almost one-fifth of over-50s don’t save and one in ten of 50-59 year olds don’t have a savings account.

“This is worrying considering that many of those surveyed will be approaching retirement and, if these people are not saving in addition to their pensions, they may find themselves struggling to make ends meet when they do eventually retire.”

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