The over 50s are some of the
hardest hit by the credit crunch, according to new research by the post office®.
As rising inflation takes hold, the necessity of funding day-to-day
living is one of the biggest issues affecting this age group, with almost half
(47 per cent) using their credit cards for day to day purchases*. Putting money
aside for a rainy day has also become an aspiration rather than a reality with
a third (33 per cent) admitting they are unable to save on a regular basis.**
The trend for over 50s to use credit cards for everyday purchases
is reflective of an increased reliance on credit that has come about in the
wake of rising living costs, with three quarters (76 per cent) of over 50s having
one or more credit cards.* these effects are even more apparent among the over
70s as 64 per cent regularly use their credit cards to buy groceries.*
Understandably this age group has been most hit in its ability
to save. Of those that do not save, over half simply cannot afford to (57 per
cent) while 48 per cent say that they have no surplus cash because day to day
living costs are so expensive.**
As the financial burden on the over 50s looks set to worsen,
with new warnings that inflation will rise to 4 per cent and credit and savings
worries add up, the post office® is urging this age group to ensure they
are not under or over-paying on their life insurance policies. Under or overpaying
on these types of products could make a significant difference not only to your
monthly outgoings, but also to the kind of benefits received at the end of a
policy.
Post office® over 50s life cover is one such policy that
can help ease your mind for the future at a time of financial instability. It
is an affordable way to leave family and loved ones a lump sum in the event
of the policy holder’s death to cover funeral costs, unpaid bills or as
a gift. Putting aside a small amount a month can help ease worries for the future
at a time when day to day living costs are struggle.
Post office® head of protection, duncan caesar-gordon said:
"in an economic climate where living costs are soaring over 50s are finding
they cannot afford to save and are more reliant on credit. 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 post office® over 50s life cover is guaranteed for all
uk residents aged between 50 and 80 with no medical questions or checks needed.
Customers can choose how much cover they want with premiums start from as little
as £7 a month. All customers can claim a £50 cashback*** and a free
gift after the third month of payment.
To find out more about post office® over 50s life cover,
log onto www.postoffice.com, call 0800 096 5843 or visit your local post office®
branch.
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