Elderly putting off retirement due to the economic downturn

New research has shown that more people are planning to delay their retirement because of the economic downturn.

The research, from life insurer Liverpool Victoria, found that over a quarter of people aged over 50 said they were considering delaying their retirement whilst 21% of those questioned have cut their savings levels during the past year and four out of 10 revealed they had been asked for financial help by their children during the past year.

Liverpool Victoria says that the research suggests that people in their 50s and 60s were having to put their long-term financial security on hold while they coped with the more immediate financial pressures.

Ray Chinn, head of pensions at the insurer said: “Britain's over-50s have already seen their pension pots damaged by the economic crisis, and now many appear to be diverting still more money away from retirement saving to deal with immediate pressures. We urge those already close to retirement not to give up on saving at such a crucial time.”