Financial Freedom Not Reached Until Mid 50’s
Keywords: personal, loans, mortgages, financial, freedom
Britons are not obtaining financial freedom until they get into their mid-50s, new research has indicated.
Released today, Birmingham Midshires’ Life 2 report shows that it is not until they reach 55 that consumers are free from various “pressing financial strains” such as paying mortgages and personal loans and supporting their children. According to the findings, just under half (47 per cent) of respondents in their early 50s still have their grown-up offspring living at home, with 49 per cent giving monetary support to their offspring. However, once past the age of 55, only one in six of those surveyed are under the same roof as their children, with about a quarter providing financial handouts.
Meanwhile, 41 per cent of people aged 50 to 55 are still paying off their mortgage, although this figure halves to 22 per cent for over-55s. The research also showed that just over half (55 per cent) of early-50s respondents are still in full-time work. However, once surpassing the 55-year barrier, just under a quarter (23 per cent) do not work nine to five.
Commenting on the study, Jason Robinson, director of savings operations for Birmingham Midshires, said: “After years of bringing up children and working hard, those in their 50s can look forward to a more relaxing way of life, with fewer financial strains. The saying goes that life begins at 40 but it is interesting to see our research indicates otherwise. This could be down to a number of economic and social factors, such as rising house prices and people having children later in life, all of which take their toll on the age of financial independence.”
In addition, the findings indicated that the high property prices in London are “taking their toll” on the over-50s, with a third of such parents living in the capital having their children live at home. Conversely, only 15 per cent of respondents in the south still share their roof with grown-up offspring.
Meanwhile, consumers in Scotland are intimated as being the most financially independent as a fifth of over-50s in the country are providing financial help to their grown-up children. The study showed that people from the region are the most likely to have paid off their mortgage in their 50s, with 80 per cent said to have done so. This compares to 62 per cent of consumers from East Anglia in this age bracket. According to Birmingham Midshires, more than half of the over-50s in the eastern part of England are financially supporting their children.
In related news, prospective first-time buyers are looking to their family and friends for help getting on the property ladder. A recent study released by Abbey showed that some 23 per cent of consumers have asked loved ones for advice on getting their first mortgage, compared to 13 per cent seeking guidance from brokers. However, just over a quarter of people aged between 25 and 34 have opted for such professional advice, in comparison to two per cent of those above the age of 65.
Abbi Rouse writes for All About Loans. Our visitors are offered advice and information all about loans, they can also apply online for tenant loans and secured loans for any purpose. Visit today: www.allaboutloans.co.uk
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