Over-55s have a financial 'annus horribilis'

People over 55 have had an “annus horribilis” with their bank savings falling by more than a quarter since last December due to the rising cost of living, new research from Aviva (LSE: AV.L - news) shows.

The average person over 55 has savings of £11,153 in the bank today, down more than £4,000 from £15,262 one year ago.

The dramatic fall has occurred because people have been forced to dip into their savings to beat the effects of high inflation, which has pushed up the cost of living more