Over 50s among "hardest hit" by credit crunch
08/07/2008
Almost half of British consumers aged over 50 are using credit cards for everyday expenses due to rising prices and the credit crunch, new research indicates.
The Post Office`s report said 47 per cent of the over 50s are using credit cards for day-to-day spending, while a third (33 per cent) say they are unable to regularly put money away.
Figures also show three quarters (76 per cent) of consumers in this age group have more than one credit card.
The Post Office fears this will lead to consumers cutting back or overpaying on life insurance policies and urges policy holders to look at the long-term benefits.
Duncan Caesar-Gordon, the Post Office`s head of protection, said: "Thinking about the future and how the family will cope should the unexpected happen is an extra worry but a simple life plan can offer peace of mind to those concerned about passing on funeral costs and debts."
The study also found those over 70 are relying more on credit cards, with 64 per cent of the age group using cards to buy groceries.
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