Not a lot to show for a half century?

People aged over 50, who may have become more parsimonious over the last few years, are finding their reserves dwindling as the credit crunch bites.

Almost half (47 per cent) of over 50s admit to regularly using their credit cards for day to day purchases. A third (33 per cent) admit they are unable to save on a regular basis – which has implications for their pension prospects – while currently 64 per cent of over 70s have to use credit cards regularly to buy groceries to balance their food, fuel and utility costs and manage their pensions.

Of those over 50s that do not save, over half simply cannot afford to (57 per cent) while 48 per cent say that they have no surplus cash because day-to-day living costs are so expensive.

Post Office head of protection, Duncan Caesar-Gordon, said: "In an economic climate where living costs are soaring over 50s are finding they cannot afford to save and are more reliant on credit."

July 08^th 2008

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• Adding real value to your home
• Brits are 'worse off than their parents'
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• What are you paying for?
• The man in the mirror
• Store cards 'are the devil in disguise'
• Ask and it shall be given unto you . . .
• How are you feeling today?