Melton is county’s baby boomer hotspot

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Melton has been named as Leicestershire’s ‘baby boomers’ hotspot, with more than a quarter of residents in the district being 50-68-years-old.

A report compiled by the pensions and investments provider Aegon shows that 25.9 per cent of people living in the Melton district are aged between 50 and 68, and that it is home to the joint seventh highest percentage of baby boomers across the East Midlands region.

The term ‘baby boomer’ relates to the increased birth rate following the Second World War which has been defined specifically as the generation born between 1946 and 1964.

As the last of the baby boomer generation turned 50 at the end of 2014, Aegon marked the occasion with the publication of its baby boomer hotspots report, which used official population statistics from more than 400 local authorities to identify the areas of the country with the highest proportion of baby boomers.

Its report ranked Melton 79th out of 406 local authorities nationwide - putting it in the top fifth of baby boomer hotspots overall.

The new research found that South Hams, which covers parts of Dartmoor and the Devon coast, is the ‘baby boomer capital of the UK’ with the largest proportion (30.2 per cent) of people born in the two decades after the Second World War.

As part of its report, Aegon also provided life expectancy figures for 65-year-olds.

In Melton’s case it found that Meltonians aged 65 today can expect to live another 20.65 years - meaning many people will spend 20 years or more in retirement.

Aegon managing director David Macmillan said: “The baby boom was one of the most significant demographic trends of the last century and its effects on society are still being felt today.

“One of the main features of this group is their economic clout, with much of the nation’s wealth concentrated in the hands of a generation that, by in large, benefited from stable economic conditions, the rising property and equity values and defined benefit pension provision over the years.

“As well as being significantly better off than previous generations, the baby boomers are also much healthier.

“Among our hotspots life expectancy at 65 is around 20 years so they can expect to enjoy a long retirement.

“However, this also poses challenges as savings will need to last a significant period of time and money must be carefully managed.

“This is particularly true for those approaching 55 who from next April will be able to start accessing their pension early and could spend a large percentage of their life in full or partial retirement.”