Pensioners hit by credit crunch
Sunday 8th June 2008, 12:01AM BST.
Pensioners have been hit hardest by the credit crunch, a new survey has shown, with four out of five over-55s cutting back on outgoings.
Higher mortgage payments – despite the Bank of England cutting interest three times since December – and greater difficulties in securing remortgages means the UK finances are on the ropes.
Mortgage approvals for house purchases fell to the lowest level on record in April.
Some 58.5 per cent of adults in a Skipton Building Society poll said they have cut back on monthly outgoings since the credit crunch hit.
However, this rises to 84.1 per cent of the over 55s and 76 per cent of those aged 45 to 54.
Steve Haggerty, managing director of Skipton, said: “It is clear the credit crunch is having a marked impact on UK consumers’ spending.
“But the fact almost a third of adults have not cut back on their spending at all, suggests either they are financially strong or that they see the current economic climate as short-term.”
He added the credit crunch would ease in the short-term and mortgage would start to become cheaper and more available.
“However, the wider, global issues, such as oil prices, will continue to create pressures on the pockets of UK consumers for some time to come,” Mr Haggerty concluded.
Shropshire Star on Twitter
Keep updated with the latest breaking news and content on our Twitter feed.
Lifestyle
Interactive Dining Out map
Hundreds of reviews by the Shropshire Star and Express & Star's teams to help you decide where to eat.
Entertainment
All the film reviews
Before you plan a trip to the pictures, get our critics' verdicts on all the latest movie releases.
OUR NEW APP
Get the new Shropshire Star app
Download the Shropshire Star’s new app to your iPad or iPhone to get one week of access to our digital newspapers absolutely FREE.
shropshirestar.com
Popular sections
Useful links
