NEARLY a quarter of people in their early 50s are afraid of falling on hard times and being forced out of their homes.

An age UK report surveyed 971 people between the ages of 50 and 55 and found that 23 per cent of them harboured fears about keeping up with mortgage or rent payments.

The report outlines a variety of economic factors which are adding to the concerns of the over 50s – such as people in their early 50s being more likely to face redundancy than their younger co-workers, the falling saving rates and private pensions rates being at an all-time low.

Ian Wooley, chairman of Blackburn with Darwen Age UK, said: “I can’t imagine that a quarter of people over 50 will actually lose their homes but these problems are very real and shouldn’t be underestimated.

“Another problem is that people don’t know what they are entitled to in terms of benefit payments. We get 6,000 to 7,000 calls every year and all of them are worried about finances and confused about what they can claim.

“The system is too complex and it is not made clear to people what they are entitled to.”

Annuities, used to provide people with an annual income, have also fallen.

Since April 2012 annuity from a £100,000 pension pot has fallen by £433, according to the report.

Former Labour MP, Peter Pike said: “I think this report is very true and it is absolutely an issue in Burnley.

“The cost of living is going up a huge amount without wages following suit and energy prices are going up a huge amount and that is so important to the elderly.

“People are also living longer with deteriorating health and this can also be costly so, yes, a lot of people in their 50s are realising these costs and wondering how they will get by when they reach retirement age and beyond.”