Older Brits Shown To Be Struggling With Paying The Bills

Continued increases in the cost of living are placing many of the nation’s older people under financial strain, the results of a new study have indicated.

In research carried out by Engage Mutual Assurance as part of its 3GB campaign it was revealed that consumers across the country are seeing essentials such as food and utility bills become evermore expensive. However, it was shown that older people in particular are encountering problems with rises in the rate of inflation and surging expenses. At present, it was revealed that just under half (49 per cent) of those who have retired state that they are struggling so much with money they have been forced to make spending cutbacks. Meanwhile, 17 per cent claim that they have just had to go without.

Overall, heating bills were indicated to be the largest area of financial concern for older people. A third (33 per cent) claimed that they are developing problems to meet such an area of financial constraint. This was followed by car expenses and going on holiday, demands which were revealed to be a problem for 30 and 26 per cent of those questioned respectively. Meanwhile, just over a fifth (21 per cent) cite medical and dentist treatment bills as an area of concern. In addition, 13 per cent of respondents state that credit cards are a source of monetary stress.

Due to difficulties with plastic card debt it could also be possible that consumers are struggling with other borrowing constraints such as personal loan repayments.

Findings from the financial services firm also indicated that more than 36 per cent of retired Britons have raided their saving accounts to meet everyday demands on their spending. Overall, it was revealed that people from the Midlands have the deepest money management concerns. Some 60 per cent of consumers in this part of the country report to be struggling with various financial demands, with two-fifths of these people said to encounter difficulties with heating bills.

In addition, food, treating family members and clothes were revealed by Engage Mutual Assurance to be areas of monetary melancholy for significant numbers of older Britons. Meanwhile, about one out of five (18 per cent) retired people questioned stated that the expense of improvements to their home is something which they are struggling to meet the costs of.

For those looking for an effective way to finance carrying out renovations to a property, a home improvement loan could be recommended.

Commenting on the study’s findings, Karl Elliott, 3GB spokesperson for Engage Mutual Assurance, said: “With the increased costs of food, fuel and mortgages taking effect, our research shows that those in retirement are becoming increasingly worried about being able to afford their everyday spending. We would always encourage those with money worries to seek financial advice in the first instance. We know that saving little and often today often helps families to prepare for those unexpected financial eventualities.”

He went on to report that consumers should take steps to ensure that they make maximum use of tax-efficient savings products such as child trust funds and individual savings accounts. By doing so it was reported that families may find that they are able to “build up a nest egg”, money which parents could use to supplement their spending or to give to their children should they need financial support in later life.

Whatever their age, people worried about their ability to meet numerous areas of financial demand, taking out a consolidation loan may be advisable. By doing so, borrowers can merge various commitments on their spending into a single low-cost monthly repayment. The monetary assistance that such a loan provides could also help consumers to generate enough disposable income in which to place cash into savings accounts for use in later life.

And for those struggling to keep their children entertained, a loan could provide a useful supplement to spending. Last month, research by Co-operative Bank indicated that the average parents splash out thousands of pounds each year making sure their kids are happy. It was shown that taking children swimming and purchasing computer games incur annual costs of 307 and 195 pounds respectively. Meanwhile, the twice-yearly family holiday costs 2,190 pounds.

Loan Arrangers providing you with breaking debt consolidation loans news.