Baby boom generation struggle with bills

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Baby boom generation struggle with bills

Alliance and Leicester report that older people are increasingly struggling when it comes to managing their money. Their study revealed that the vast majority of those over the age of 50 have faced a rise in living costs.
Around 98 per cent of Britons who have reached their half-century claim to have suffered from an increase in day-to-day expenses. However, despite the rise in money management difficulties that many people in this age group appear be facing, half of them state that they are yet to take action to help improve their overall financial situation.
Increases in utility bills have impacted most on the amount of disposable income that the over-50s have, with just over three-quarters (77 per cent) of those questioned reported to be struggling with these financial demands. Sixty nine per cent claim to be having problems with increases in the cost of basic foods. Motoring costs accounting for 39 per cent of their money management problems. Furthermore, about one in ten people questioned report that the expense of holidays has become harder to accommodate and 46% cite difficulties in paying council tax.
In trying to face rising costs, the over-50s could find that they are developing further problems in keeping up with other demands on their finances in areas such as personal loan and credit card repayments.
Age aside, anyone concerned about managing their money in the coming months might want to consider applying for a debt consolidation loan. By taking out such a personal loan borrowers could find that they are able to merge various financial commitments into a single low-cost monthly repayment.