There is a “sharp” age divide in how positive people are feeling about their long-term financial planning in the wake of the election, new research by Aegon has revealed.
A quarter (24%) of under-50s said they felt more positive in their own long-term financial planning after Labour’s landslide election win, with just 15% feeling less positive.
In contrast, 25% of over-50s said they felt less positive and only 13% said they felt more positive.
Across all age groups, around 50% of people said the election result has had no impact on how they feel about their long-term financial planning.
Steven Cameron, pensions director at Aegon, said: “These results, coming immediately after the election result, may reflect younger people generally having a more optimistic outlook to longer-term financial planning. But the challenges for those over 50 can be very different from younger age groups and as they get closer to retirement, reality begins to bite. With many contributing factors, those in their ‘Second 50’ are facing an increasingly personalised and complex journey into later life – unlike any generation before them.”
To win over all ages, the new Labour Government will want to make sure its policy agenda, from state pensions to housing, “represents fairness across the generations”, he added.
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