Recession hits pensions and savings of over 50s

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A study has revealed that nearly two thirds of people over 50 may have to work longer than they had originally planned as their savings and pension plans have been hit by the recession.

The study was carried out by Help the Aged and Age Concern.

The recession has meant that many people with savings have been hit hard by the fall in interest rates and pension funds have been rocked by stock market declines.

Many now fear they will have to work longer to build up their retirement funds again. There is also now the added burden of worrying about unemployment. The Office of National Statistics says that unemployment in people aged 50 or above has risen by 47%.

Michelle Mitchell, charity director for both 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."

"For many over 50s, one of the lasting legacies of this recession will be a retirement blighted by poverty."

The CBI has reported that firms who are struggling to sort out any deficit in their final salary pension schemes should be given more time to deal with this. The time limit is currently 10 years, but the CBI wants to change this to 15 years to give firms more breathing space.

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