Of the over-50s in the UK hoping to save £80,000 for their loved ones, 22% are not currently saving and a further 8% don’t have a savings account, according to a new study from Co-op Insurance.

An online survey, which was conducted alongside YouGov amongst 2,003 UK adults aged 50 and over, found almost a tenth (9%) of people had less than £1,000 put aside, a fifth (17%) had less than £5,000 saved while a quarter (23%) indicated they had less than £10,000 saved.

Co-op Insurance found that 84% of people had dipped into their savings at some point, while in the last month alone, 27% had accessed their savings.

Furthermore, two-fifths of the over-50s who had a savings account suggested they had to stop saving for an extended period – which increased to 58% for adults aged between 50 and 54 years.

Co-op Insurance managing director, Charles Offord, commented: “We know that so many people hope to leave lump sums to their loved ones when they’re gone, but in reality, that’s not always possible.

“The majority of people with savings do at times dip into them in order to cover other outgoings and life events.”

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