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Over 50`s fail to get Savvy over Savings

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Over 50’s fail to get savvy over savings

As the Post Office?* launches new Gilt Edge Bond (GEB) with rate of 125%, it reveals results of its survey

  • Nearly a third (31%) of over 50’s have most of their savings in current accounts

  • 31% don’t feel confident they have enough saved for retirement

Over 50’s across the UK are losing out on millions of pounds of interest each year by hoarding their savings in their current accounts, according to new research by Post Office? Savings.

 

The study - which examined savings habits across the UK - reveals that nearly a third of over 50’s (31%) keep most of their savings in their standard current accounts, which in some cases pay no interest.
 

According to the Post Office? Savings research, the average adult over 50 years old has approximately ?6,628 in savings.

In addition to the careless attitude to savings, Post Office? Savings also found that people are worryingly unprepared in planning for their retirement income, with 31% of over 50’s unable to state whether they had enough money to retire on.

One explanation for this lack of confidence could be bad investment experiences. Research from the Post Office? revealed
that half those who have invested money on the stock market have lost capital. So it’s not surprising that nearly two-thirds (63%) of over 50’s confirmed they are not prepared to take any risks with their investments

Claire Oldstein, Head of Savings at the Post Office? urged the over 50’s to make the most of their savings to avoid losing out in retirement:

“Our research shows that people approaching, and already in, retirement could be losing out by not considering all the options for their savings. This is worrying news – especially bearing in mind current fears over the pension gap.”

For savers looking for the potential of a better return on their investment, but wanting to keep their capital safe, the Post Office? today announced the launch of two Guaranteed Equity Bonds (GEBs), offering the opportunity of a better rate.

Claire Oldstein says: “Post Office? GEBs offer an ideal half-way house for savers who are looking for investment opportunities but want to avoid sleepless nights by taking big risks with their capital”.

The new GEBs feature the option of investing over a three or five year period. As with previous offers, the five year GEB will immediately become one of the best GEBs on the market, providing a competitive participation rate of 125% of the FTSE 100 growth and guaranteed return of the original amount invested.

The offer period is open until 9th September, minimum investment is ?500 and the deposit is guaranteed, enabling investors to make a smart bet on the stock market and ensure the return of the original sum invested.

Full product details:

Post Office? Guaranteed Equity Bond – five year term

  • 125% participation rate

  • Only ?500 minimum investment

  • Linked to FTSE 100-Index

  • 4.5% interest rate during offer period

  • Offer open from 11th July until 9th September

 

Post Office? Guaranteed Equity Bond – three year term

  • 75% participation rate

  • Only ?500 minimum investment

  • Linked to FTSE 100-Index

  • 4.5% interest rate during offer period

  • Offer open 11th July until 9th September


*About the Post Office?

With 14,600 branches across the country, the Post Office? is the UK’s largest retail and financial services chain in the UK. Around 94 per cent of the UK population lives within a mile of a Post Office? branch and 28 million customers visit every week.
To get more details on the range, and availability of Post Office? financial services at your local Post Office? branch visit www.postoffice.co.uk .


 


   

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