Over 50s urged to seek financial advice as spending power falls

A YouGov survey commissioned by insurance provider Paymentshield has found that nearly one third (31%) of consumers over the age of 55 do not save any money each month, and nearly half (47%) are concerned about finances and retirement funds.

This correlates with the latest report by the Saga Foundation revealing the spending power of people over 50 has been slashed by 9% as a direct result of government policies and the Bank of England.

Tim Johnson, CEO of Paymentshield commented:

“The combination of low interest rates, pension costs and inflation has clearly had a devastating impact on the over fifties, especially with the general cost of living increasing.

“With an unpredictable economy and employment market, one would hope that more people, particularly older generations, are preparing themselves financially for the unexpected. Unfortunately, because budgets are being squeezed, many are finding it difficult to put away savings, but this is why it is especially important for the over 50s to seek financial advice.”

The You Gov research also discovered that nearly half (46%) of over 55s had never visited a broker or financial adviser to discuss their finances.

“No one knows what’s around the corner and it’s never too late to obtain financial advice. By visiting a broker or independent financial adviser, people can get guidance tailored to their individual financial situation. ” Tim adds.

Paymentshield hosts a useful tool on its website called the Cost of Living calculator to help consumers evaluate the level of short term income protection they might need to protect their monthly outgoings should they be unable to work due to accident, sickness or unemployment.