Middle-class professionals in their fifties have suffered financial losses of more than £160,000 since the start of the financial crisis five years ago, a new study shows.23
by James Kirkup, Deputy Political Editor
The richest older households have suffered proportionally greater losses since 2007 than those who are less well-off, according to the Institute for Fiscal Studies. An institute paper looking at the impact of the recent crisis on the over-50s details the losses many have suffered from falling house prices, stock markets and pension funds and other investments.
Financial losses among that age group are a particular concern because they may not have enough time to make up the losses through investment growth or earned income, the think tank warns.
The average person over 50 has seen a fall in their household’s gross wealth of around 10 per cent or almost £60,000, the IFS estimated.