Saga: Cheque withdrawal will not impact over-50s

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Saga: Cheque withdrawal will not impact over-50s

The withdrawal of cheques from circulation will not have the big impact on the over-50s that many people are predicting, according to Saga.

According to Emma Soames, the former editor of Saga Magazine, the gradual phasing out of cheques will give those who still use them regularly the chance to adapt to new forms of payment, like credit cards.

She added that while consumers should have the option to use a payment method they feel comfortable with, many cheque users have already had to turn to plastic as a lot of stores will no longer accept the paper payments.

In addition, the number of people who have already made the switch to using cards have found the transition - and the technology - much easier than they has anticipated.

Saga also recently found that older people are becoming more thrifty in the run-up to Christmas, with the amount spent on grandchildren due to fall by a fifth this year.

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