Older People Take Brunt Of Credit Crunch

Published: 7/9/2010

The credit crunch has brought with it rising prices and access to borrowing much harder than it used to be. Looking at how this impacts on UK residents the Post Office, insurance providers as well as much more, have seen the over 50 market hit the hardest.

The rise in the cost of living has meant almost two thirds of the over 70s now use credit to buy basic food and groceries. This will be in the form of credit cards or overdrafts. Meanwhile 35 percent of over 50s can no longer put savings aside regularly said the Post Office insurance against harder times in the future.

Speaking of which a Post Office insurance spokesman urged people to make sure they are paying reasonable rates for their life insurance. An essential like this can still be bought effectively and as such leave a little more money for day to day costs.