Comment from Alistair McQueen, Head of Savings & Retirement, at Aviva.
“Headline inflation (CPI) has hit 3.0% for the first time in over five years1. This spike however masks even greater pressures being felt by the “sandwich generation” – those aged 50 to 64, often carrying caring responsibilities for younger and older family members. Aviva’s Age Inflation Index2 shows that price rises are hitting this generation the hardest – rising by 3.06%.
“This follows recent Aviva research which revealed there are 2 million over-50 workers with caring responsibilities for other family members3, and that credit card debt held by the over-55s is at a six-year high4. Today’s inflation hike also means a rise in the Bank of England interest rate is now highly likely, potentially putting even greater pressure on those reliant on credit.”
“Recent commentary has focused on the financial pressures facing the young. However, today’s data reminds us that the reality is rarely as simple as the headlines often suggest. Economic times are tough for all ages at present.”
|Under 30||30-49||50-64||65-74||75 and over||Headline|
2 Aviva’s Age Inflation Index presents age-based inflation determined by the typical shopping habits of different age groups.
Fiona Whytock, Senior Media Relations Manager, T: +44 (0)7800 692299 E: Fiona.email@example.com
Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada.
- Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £340 billion in assets. Total group assets under management at Aviva group are £450 billion.
- Aviva helps people save for the future and manage the risks of everyday life; we paid out £34.4 billion in benefits and claims in 2016.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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