Staff aged over 60 feel better equipped to face rising costs

rising costs Employees aged 60 and over feel better equipped to face rising costs than those aged 44-59 and parents of young children, according to analysis by investment, protection, retirement and in-house advice specialist LV=.

Its LV= Wealth and wellbeing research programme, which is its quarterly survey of 4,000 UK adults and tracks current finances and future outlook, also found that 60% of respondents said they were financially comfortable, while 40% said they were struggling.

Compared to a year ago, respondents are 5% more likely to believe their finances will improve in the next three months. The index measuring savings has also seen a 3% rise in pension savings since March 2023.

Those aged 60-78 reported the biggest change in financial resilience compared to the last quarter, as their LV= Wellness Tracker score increased from 0 to +7. However, this group, as well as 44-59 year olds, had the most negative outlook for the future ahead, as half of the latter said they are financially struggling.

In addition, 40% of UK adults are worried about the rising prices of day-to-day items, 45% of can only just afford day-to-day bills, with 10% stating that they cannot afford these, and 38% are worried about the rising costs of energy bills.

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David Hynam, chief executive at LV=, said: “As a mutual, our research is important to us. It helps us to understand what is impacting people across the UK and informs the support and services on offer to our customers. Although our wealth and wellbeing research programme shows that fewer people are financially struggling compared to 2023, many are still worried about their finances and what the future holds for them.

“Despite the nation gradually becoming more financially resilient, our data shows that socialising spend has remained stable as many people are prioritising their everyday living costs.”