Over 50s hit hardest - Money - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

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 It is now over 6 months old so the content may be out of date.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."

Find the best savings rates for you - Compare savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Have your financial habits changed?

2016 was certainly a turbulent year, and it's had a notable impact on household finances. Indeed, research shows that recent events have influenced the way over half of UK respondents manage their finances, with many becoming more cautious.

Kids got £180 in pocket money in 2016

New research has revealed that kids aged 4-14 received an average of £180.44 in pocket money over the last year, which was topped up by an additional £47 on average received in cash over the Christmas period.

How much could it cost to get fit in 2017?

We’re almost a week into 2017, and hopefully, many of those New Year’s Resolutions are still going strong. Figures suggest that the most popular resolution is to achieve a healthier lifestyle, but just how much could that ambition set you back?
 
Close