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Over 50s hit hardest

Over 50s hit hardest

Category: Money

Updated: 07/09/2012
First Published: 06/09/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Millions of people aged 50 and over are worse off as a result of low interest rates, the rising cost of living and the Government's quantitative easing programme.

According to SAGA, the 'toxic combination' is responsible for reducing the spending power of 21 million older people by 9% over the past four years.

The provider believes that the Government's policies have in turn cost the economy an estimated £24.7 billion.

Rising costs of groceries and fuel are having a significant impact on many people's lifestyles, whilst savings returns, often relied upon to help supplement living costs, are disappointingly low.

Ros Altmann, director-general of Saga, said: "This age group represents more than half of UK households and contributes nearly half of all domestic consumption, but the toxic combination of rock-bottom interest rates, spiralling inflation and QE money-printing has put a big squeeze on their incomes, forcing many to make cutbacks."

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