Over 50s concerned about rising utility costs
Published On 9 May 2008
People over the age of 50 are worried about rising utility costs and the threat of recession, a new study has warned.Insurance company LV= published the results of its State of Retirement report, which showed that increasing numbers of older people in the UK are concerned about how they will fund their life when they stop work.
Overall, 66 per cent of t hose aged over 50 questioned said they were facing concerns about their post-retirement finances.
Over three quarters of the people (77 per cent) cited rising utility bills as a concern, while 42 per cent fear that a recession will affect their wealth when they retire.
Mike Rogers, group chief executive of LV=, commented: "The combined impact of the rising cost of living, fears of a recession, and widespread media coverage of the credit crunch, has created an anxious majority of people facing retirement who are very concerned about their financial future.
"Given that so many people are aware they will face financial difficulties in retirement, and that pensions products aren't simple, it is staggering that so few are seeking financial advice."
Recently, moneysupermarket.com reported that consumers could find the best value utility tariffs online.
