Over 50s hit hardest - Money - News - Moneyfacts


Over 50s hit hardest

Over 50s hit hardest

Category: Money

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

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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.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

A quarter of Brits have fallen victim to a scam

Think you know how to spot a scam? It may not be as easy as you’d think, with 25% of Brits admitting that they’ve been the victim of one in the past, and a further 73% are concerned about being scammed in the future.

Brits’ bad spending habits revealed

Many of us like to think that we’re good with money, yet there are often things that get in the way of regular saving and financial security. Solution Loans has taken a look, and has identified the bad spending habits that leave us in the red.

Growing fears that inflation could impact wallets

We’ve all heard reports that the cost of food and petrol could increase in the next few months, together with the threat of rising inflation, and it seems that these concerns are beginning to take their toll on the nation’s consumers.