Alliance & Leicester: amend instead of make do

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Alliance & Leicester: amend instead of make do

Mon 17th Nov 2008

Alliance & Leicester has published research that reveals that over-50s, a generation well used to the mantra of 'make do and mend', have been making do rather than amending their financial problems.

While 98 per cent of over-50s surveyed said they had been affected by the rising cost of living, half of them had done nothing to improve the state of their finances and only seven per cent had tried to amend the situation by switching current accounts.

Emma Walkley, current account manager at Alliance & Leicester, said that over-50s would have to maximise their income as the financial crisis deepened and the cost of living increased.

She added: "At the moment, it really is a case of 'every penny counts' for the over-50s."

This latest news comes after research from the pension provider AXA revealed that many are choosing to eat into the amount set aside for their retirement by cutting down their pension contributions in an effort to save money.

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