Young baby boomers face desperate old age | Personal Finance | Finance

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Those in their 70s and 80s have gold-plated final-salary pensions and benefited from low house prices when starting out. But one in five baby boomers in their 50s and 60s – 2.6 million people – say they cannot meet their financial needs in old age with an increasing number still renting. Researchers from the Centre for Ageing Better looked at data from almost 14,000 50 to 69-year-olds.

They found the richest are twice as wealthy but the poorest are almost a third poorer compared with 16 years ago. Carole Easton, boss of the Centre for Ageing Better, said: “We are sleepwalking into a crisis of later life.”

She said this “forgotten generation are more diverse than ever before – but also more unequal”.

More than half say their work is excessively demanding – almost doubling since 2002. A third may quit due to health. Clare McNeil, at the Institute for Public Policy Research, said: “We need to move on from stereotypes of affluent, home-owning baby boomers.

“More of those in their 50s and 60s today are living in the private rented sector, affecting their ability to save.”

In less than 20 years, one in four people will be over 65.





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