Britain’s “squeezed middle ages” need an additional 32% of their income to feel financially secure, Aviva reports.
Those aged between 35 and 44 are looking for an extra £612 a month (up from £596 in Spring 2012) and almost a third of this group are most worried about affording main household bills, such as heating, water and council tax, followed by 28% of those aged 45 to 54.
The results come from the second Aviva Times of our Lives Report, which focuses on the worries, wealth and goals of UK adults.
According to the findings, everyone is feeling the pinch in the current economic climate, although the over 65s don’t require a significant monthly increase in income to allay their fears, at just £23 a month.
Overall the income gap across all ages is £466 a month, a rise of 13% or £55 from Spring 2012.
As well as affording main household bills, the cost of everyday items like food and clothing (22% of 35 to 44 year olds) and unexpected costs such as boiler repairs and car breakdowns (20%) are major worries for the middle age groups.
Simon Warsop, business development director at Aviva, comments: “In the past six months Britain’s ‘squeezed middle ages’ have become ever more pressured and it is interesting to note that the immediate high costs of living like paying for heating and council tax bills are a greater worry than longer term financial stability like savings and pension provision.”
However, while people are struggling financially, there are still things they can’t do without.
Cars and home insurance top the list with 38% and 36% respectively saying they’re the last things they would give up.
Category: Aviva News, Insurance News
