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Middle aged and near retired people feel effects of recession most

July 20, 2009 by admin  
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It has been claimed that the age groups that are most likely to feel the pinch from the ongoing recession in the UK are those that are in middle age and those that are nearing retirement age.

Industry officials have clamed that it is people aged between forty five and sixty four years of age that are most likely to suffering from the financial and economic slump in Britain.

The study was carried out by PricewaterhouseCoopers and officials claim that it is probably those that are approaching retirement age that are suffering more than others as a result of higher unemployment, redundancies, and the plummeting value of assets.

With higher values of accumulated wealth this is also the age group that is most affected by falls in the value of investments and pensions, according to industry experts.

It is also noted that with less time left to try and compensate for the financial losses this age group will find it difficult to work towards recouping any losses that they have experienced.

Another age group that is also suffering as a result of the recession is the under twenty five age group, and this is due to falling wages and higher unemployment levels. The group identified as being most likely to get through the recession successful is the 25-44 age group.

‘While no age group is fully immune from the adverse effects of the downturn, our analysis suggests that people in their mid-20s to late-40s will on average have relatively better financial prospects through the recession than younger or older generations. This age group will be financially fitter because they have a relatively lower exposure to unemployment and if they lose their jobs then they have a greater probability of finding another one. They may also benefit the most from low mortgage interest rates while older savers will lose out.’

Tags: recession, late, Labor economics, uk, PricewaterhouseCoopers, economic slump

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Comments

One Response to “Middle aged and near retired people feel effects of recession most”
  1. john says:
    February 28, 2010 at 10:25 pm

    Im 60 years old and seeking a new credit card and finding it almost impossible is this age discrimination I have money in the bank and a good credit rateing can any one help

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