Jun 9 2008
People aged over 55 have been the most acutely impacted by the financial constraints brought on by the credit crunch, according to a recent study.
Figures compiled on behalf of the Skipton Building Society show that more than 80 per cent of Britons aged over 55 have cut their spending since the start of the latest economic downturn to hit the UK.
The news could encourage some consumers to redouble their efforts in saving for retirement but the research also found that one third of people around the country have not adjusted their financial habits at all since the onset of the credit crunch.
"It is our view that, the credit crunch will ease in the short-term; making mortgages cheaper and more available," said Skipton's managing director Steve Haggerty.
"However, the wider, global issues, such as oil prices, will continue to create pressures on the pockets of UK consumers for some time to come."
Meanwhile, a recent report from the investment management firm Edward Jones suggested that that at which people in the UK are saving for retirement has been slowing in recent months.
