The Grey Pound: Over 50s Worth £5trillion
RESEARCH by Abbey has found that the personal wealth of the over 50s in Britain has increased by almost 50% in the past five years and now stands at a whopping £5 trillion.
Although only 34% of the population is over 50, they own nearly 75% of the total wealth of the country, a percentage which is set to increase to 43% in the next 25 years.
While younger people are struggling with enormous mortgages and inflated house prices, the golden oldies have benefited from decades of rising house prices as well as the then free higher education system.
Head of savings at Abbey, Reza Attar-Zadeh, says: “If personal wealth and population continue to grow at current rates, the 50-plus demographic will become even more dominant”.
So let’s take back their free bus passes and make them pay like everybody else. And make sure gorgeous/vivacious etc. granny’s will is up to date…
Posted: 3rd, May 2007 | In: Money Comment (1) | TrackBack | Permalink
