Responding to new data released today by Nationwide’s Consumer Confidence Index pointing to a fall in confidence among UK consumers in July, Dr. Ros Altmann, Saga’s director general, suggests many over 50s are, whilst feeling the pinch, trying to remain positive and are looking to the future.
She said: “With worries about the cost of living and retirement income coinciding with concerns over interest rates and inflation, today’s anxiety is far from short lived. However the over 50s are prepared to take a longer term view and as always are showing remarkable resilience. Our research* shows they are helping younger offspring and grandchildren (31%) with every day spending, working longer hours (8%) and delaying retirement (13%). At the same time, many are prepared to invest** on the stock market, taking the opportunity to snap up shares while the markets are low.”
“Many boomers will have experienced similar circumstances before and believe they can see light at the end of the tunnel. 55% of the UK’s over 50s expect economic prospects to be better or the same in 2013.”
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*The Saga Quarterly Report, August 2011
The Saga Quarterly Report Series is undertaken by respected independent economists at the Centre for Economics and Business Research (Cebr) and is updated every three months. Measuring some of the key drivers that impact the daily lives of this age group, the Report combines hard factual statistical data from official sources (such as Office for National Statistics and Family Expenditure Survey) with Saga’s own exclusive nationwide Populus Survey of more than 11,642 people aged over 50.