Over-50s preparing for credit crunch

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Over-50s preparing for credit crunch

Mon 16th Jun 2008

Most people aged 50 and over are worried about the impact of the credit crunch on their investments and pensions, new research shows.

The survey, by mature marketing agency Millennium and reported in Mortgage Introducer, found that over three quarters of people in the age group think the crunch will affect their investments and nearly 60 per cent worry about their pensions.

But over 75 per cent do not intend to give up holidays, meals out or charity donations and more than half believe their savings are safe in their current bank or building society.

Two-thirds would use their savings if necessary and one third said they are moving away from shares to steady investments such as individual savings accounts.

Mortgage Introducer quoted Millennium managing director Fiona Hought saying marketers need to recognise how consumer attitudes have changed and "adapt their services appropriately to the current economic climate".

Earlier this month, the Fair Investment Company reported research from Skipton Building Society that Britons aged 55 and over were worst hit by the credit crunch.

The main causes were increased mortgage, rent and utility costs.

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