Financial freedom begins at 55, study finds

Tue, 28 Aug 2007

Financial freedom is available to the over-50s as they embark on a second life, a poll by Birmingham Midshires has discovered.

According to the research, mortgages are most likely to be paid off when homeowners are in their 50s and they can become free of such financial burdens. Only 22 per cent of respondents said they were still making mortgage repayments over the age of 55.

Director of savings operations at Birmingham Midshires Jason Robinson comments that the research goes against the age-old saying that life begins at 40.

"After years of bringing up children and working hard, those in their 50s can look forward to a more relaxing way of life, with fewer financial strains," he notes.

Rising house prices and having children later in life could explain the age at which financial freedom is now taking place, he adds.

In related news, a study by Alliance and Leicester has found some parents are now paying an average of £21,314 to help get their children get a mortgage and find their first home.

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