Over-50s worried about credit crunch affecting their investments

Research by marketing agency, Millennium, has revealed that the majority of over 50s are concerned about the impact the credit crunch will have on their pensions and investments.

The organisation discovered that over 75% of people in this mature age group believe that the credit squeeze will affect their investments, while almost 60% are concerned about their pensions.

However, the survey did establish that more than three-quarters will not give up holidays, dining out or donations to charity and more than 50% believe their savings are safe in their current bank or building society.

The research also found that two-thirds would dip into their savings if necessary.

Millennium said as a result of the credit crunch, this group of people plan to make drastic changes to their financial planning in order to budget for the future.

Fiona Hought of Millennium said consumer attitudes have changed and marketers need to acknowledge this and amend their services in line with the current economic climate.

In related news, insurance company, LV=, published the results of its State of Retirement report which revealed that 77% of people over the age of 50 are worried about increasing utility bills while nearly half are concerned that a recession will affect their wealth when they retire.

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