'Financial freedom comes at 55'

Posted: 24 Aug 2007 11:02:28 GMT

Most people will be aged 55 or over by the time they pay off their mortgage and other debts, according to new figures from Birmingham Midshires.

Most people will be aged 55 or over by the time they pay off their mortgage and other debts, according to new figures from Birmingham Midshires.

The lender's latest Life 2 report says that many Brits now only reach financial freedom at aged 55 - with constraints such as mortgage repayments, children and paying off credit cards preventing them from relaxing financially any earlier.

It also revealed that many UK residents are continuing to work for longer with more than half of respondents between the ages of 50 and 55 still working five full days a week.

Jason Robinson, director of savings operations at Birmingham Midshires, said: "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.

"The saying goes that life begins at 40 but it is interesting to see our research indicates otherwise."

He added that the reason behind the 15-year shift in financial burdens could be down to a number of economic and social factors including house prices rises and parents having children later in life.

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