Latest Debt News
Over-50s 'feel the crunch'
08/07/2008 17:30:00
A source has claimed people aged over 50-years-old are among the hardest affected by the credit crunch.
Research from the Post Office has shown nearly half of this age group have used their credit cards for daily necessities.
Saving attitudes have also suffered under the strain of rising inflation, with a third of respondents admitting they are unable to save regularly.
It was also shown that 64 per cent of people aged over 70 often use their credit cards to pay for groceries.
The Post Office highlights the importance of life cover for this group to relieve the stress of making ends meet for the individuals as well as their families in case the "unexpected" should happen.
Duncan Caesar-Gordon, head of protection at the organisation, said: "A simple life plan can offer peace of mind to those concerned about passing on funeral costs and debts."
The Saga Group recently said cost of living increases in the UK may influence more people to "seriously consider" retiring abroad.
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