One third of 50-year-olds worth less than £25,000
by Gill Montia
The average 50-year-old in the UK needs another £50,000 in savings and investments, including pension and property equity, in order to feel financially secure, MetLife reports.
In new research on the “Uncertain Generation” (those born between 1961 and 1981) the life and pension provider estimates the average net worth of 50-year-olds at £179,000, which collectively amounts to around £155.3 billion in property equity, pension funds, savings and investments.
However, respondents felt they needed around £229,000 to feel financially secure, leaving a wealth gap of £43.4 billion or £50,000 per person.
In addition, the averages don’t tell the whole story as over one third of 50-year-old respondents have total net worth of less than £25,000, according to MetLife.
The findings also indicate that women on average have total net worth of £167,500 compared with £192,000 for men, and that the average 50-year-old is holding £130,600 in housing wealth.
Around 21% of 50-year-olds own their homes outright without a mortgage while another 44% are still paying off home loans and 32% rent their homes.