· Intergenerational divide – under 50s far more positive than over 50s
· 24% of under 50s feel more positive as a result of Election outcome, while 15% are less positive
· 13% of over 50s feel more positive with Labour in power and 25% less positive
Consumer research carried out for Aegon UK by Opinium points to a sharp age divide in how positive people are feeling about their long-term financial planning in the days immediately after Labour’s landslide victory.
Steven Cameron, Pensions Director at Aegon comments:
“The political party in power and the policies they follow can have a big impact on people’s day to day finances and longer-term financial planning. In the days immediately after Labour’s election win, our research has found a stark divide between the views of those over and under age 50.
“24% of under 50s said that, after the Election result, they felt more positive in their own long- term financial planning, with 15% feeling less positive.
“But the picture for those over 50 is almost the opposite of this – positivity has improved for only 13%, with 25% saying they feel less positive after the Election result.
“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.
“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.”
