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Many over 50s `facing financial difficulties`

26/06/2009

A considerable number of consumers aged over 50 worry that they may be facing financial difficulties - potentially including debt problems - in their post-work years.

This is according to an Aviva Cost of Family Care study, which found that 62 per cent of such people are concerned that their pensions and savings are unlikely to be sufficient to sustain them.

The firm described consumers in this situation as "baby gloomers", pointing out that many of them face the prospect of simultaneously financing their elderly parents and their own children.

In addition, it was found that 43 per cent of people polled were delaying financial plans for their own retirement because of the current economic crisis.

"Future finances are one of the most crucial areas families need to discuss and a key area where people should seek independent financial advice," stated Paul Goodwin, head of pension propositions for UK Life at Aviva.

Recently, Jim James, north-east regional chairman of insolvency trade body R3, said that people with financial difficulties such as debt problems should seek advice as soon as possible, the Journal reported.

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