Saga sees financial green shoots for over-50s
Saga’s latest quarterly report is slightly more optimistic about the financial health of the over 50s than its report for the final quarter of 2011, but the organisation warns that the “green shoots” of recovery are very tentative at the moment.
Compared with a year ago, the report suggests that the quality of life for over 50s has worsened, with 32 per cent of respondents saying their living standard had dropped.
Sixty per cent of respondents between the ages of 50 and 54 said that they are more worried about living costs than they were a year ago and 45 per cent of over 50s are reducing the amount they spend on non-essential items.
However, even though they are struggling to make ends meet, 33 per cent of over 50s are financially helping their children and grandchildren
Saga’s report combines economic data from official sources with a nationwide Populus Survey of more than 11,642 over 50s on their well-being.
Dr Ros Altmann, the Director General of Saga, said: “We are still a long way from reporting a “positive” Quality of Life for the over 50s in the UK.
“Although there seems to have been a minor improvement over the last quarter only it’s too early to say whether this marks the start of a new trend towards lasting quality of life improvement.
“Our Quarterly Report Series serves as a reminder to policy makers that older generations should feature more prominently on the Government’s agenda.”
Yesterday, The Mail on Sunday reported the results of a recent survey by consumer group Which? suggesting that 25 per cent of people in the UK are having to dip into savings to pay for household essentials, and 20 per cent have borrowed money to pay for groceries.
Which? surveyed 2,094 UK adults and interviewed 20, about the effect of the economic downturn on their live.
Less than half (43 per cent) said they could afford to live on their salaries.