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01/11/12
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Money advice in increasing demand, says study
31/10/12
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Payment barriers exist for disabled and older people, says study
31/10/12
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Gender differences apparent when financial planning
31/10/12
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Half of Brits shop with a basic credit card, says study
30/10/12
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Number of Brits sitting on forgotten direct debits - 2.68 million
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News
08/10/2009 12:42:12
Downturn 'impacting on older Britons'
The credit crunch is not just affecting younger people, one financial commentator points out.
Indeed, Joanne Garcia, head of credit cards for Confused.com, states that older Britons could be experiencing even greater difficulties, as in addition to facing a potential fall in income, they may still have children to support financially.
Whether it is helping their children through university or assisting with the purchase of their first home she claims "arguably the pressure is even greater" for those over the age of 50.
It was also claimed those over-50s who are depending on their savings to supplement their income are likely to have seen such income drop significantly due to falling interest rates.
"Many people in their 50s have accepted that they'll need to work far longer in order keep the wolf from the door and/or pay off the debts they are accumulating," Ms Garcia asserts.
Such comments follow a recent moneysupermarket.com study revealing that more than a fifth of those over the age of 50 have taken on more debt over the past 12 months.
