Over 50s hit by credit crunch

Monday, 14 July 2008

According to new research by the Post Office, people over 50 are feeling the pinch from the ongoing credit crunch.

The fallout has seen food prices rise by 7 per cent during June, the fastest pace of annual growth in 18 months, while concerns rise that retailers are passing on the rising cost of goods to customers.

With no relief in sight, funding of day to day living expenses is becoming increasingly difficult for people over 50. Just under 50% of people over 50 are using their credit cards for everyday purchases. One third of this age group admit they are unable to save regularly and putting money aside for the future is less achievable.

The trend for over 50s to use credit cards for day to day purchases highlights their increased dependence on credit to keep up with the rising cost of living.

As the financial burden is set to worsen, people over 50 should take stock and look for ways to decrease their outgoing costs across the board. If you haven't already done so take the time to review all telephone, insurance and energy bills and look for ways to save and consider switching providers.

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