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Wednesday 24 September 2014

Older people coping better in downturn

Published 30/01/2014 | 02:30

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OLDER people are weathering the economic storm better than most with gross income levels remaining the same between 2010 and 2012.

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They have suffered a drop in wealth and this is largely due to the fall in property prices.

The increase in the numbers with savings, and reduction in those holding riskier financial assets, could be "interpreted as a precautionary reaction in a time of uncertain economic conditions".

Around one-fifth of the over 50s have less than €100,000 in wealth, and about two-thirds have less than €350,000. But 6pc have in excess of €1m.

UNEMPLOYED

Around six in 10 men aged under 65 are employed compared with 13pc of older age groups. The findings highlight the odds faced by older people who are unemployed.

Of those who were jobless in 2010 as many as 49pc were still unemployed in 2012 with 14pc classifying themselves as retired.

Emigration saw 5pc of children living in Ireland going abroad in the two years between, which the survey described as a "remarkable outflow".

Having strong social networks is consistent with a higher quality of life score and these include being married, having close ties with children, relatives and friends, being a member of a church group or voluntary organisations. Around 8pc of men and 9pc of women were classed as "most isolated".

Irish Independent

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