Dr Ros Altmann, Saga Director General says: “2011 was a particularly difficult year and despite significant cutbacks last year we are starting to see some ‘green shoots’ of recovery amongst the over 50s.
“Our most recent Saga Quarterly Report revealed that older generations are struggling but there are signs of stabilisation and adjusting to realities. It seems that older people may be adopting a ‘grin and bear it’ attitude in the face of financial hardship. Rather than moaning and complaining, they try to stay positive and make the best of their situation and are finding ways of adjusting.
“The over 50s are also still managing to help out their children and grandchildren, who are also struggling and not forgetting charities. It was wonderful to see that 76% haven’t even cut back on their charitable giving.
“The over 50s, like many others, are obviously still worried about cost of living and interest rates but they are trying to be positive despite falling living standard.”