Pension fears expressed by older Brits

27/05/2009

Britain's over-50s are facing severe uncertainty over job losses and whether or not they'll have enough money to retire on.

Age Concern and Help the Aged said that 47 per cent of older people felt less confident about their retirement finances now than they did six months ago.

What's more, 28 per cent told the pollsters that they were worried that the recession would result in them losing their job.

Sudden unemployment would put the over-50s in a much more difficult financial position - limiting their ability to save for the future and making it more likely that they would be forced to take out credit to make ends meet.

Michelle Mitchell, charity director for Age Concern and Help the Aged, said: "These figures paint an extremely bleak picture for millions of over-50s whose working lives are at risk of being cut short by the recession.

"Those who do lose their jobs will face significant obstacles to getting back into work, leaving them financially vulnerable as they approach retirement. For many over-50s, one of the lasting legacies of this recession will be a retirement blighted by poverty."

Official unemployment figures released by the government show that 7.1 per cent of the workforce is without a job.

Over-50s' unemployment has also shot up by 47 per cent over the past year.

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