The over 50s are digging deep in the face of financial adversity to support their families and charities.
One in eight are working on instead of taking retirement to improve their finances – while a third are helping their children with hand outs and half plan to help others with donations.
Their generosity is heartwarming in spite inflation and low interest rates affecting incomes, according to Saga, the financial group specialising in aiding the over 50s.
The survey shows that the older the individual, the more likely they are to give money to their loved ones and charity.
Saga has followed the fortunes of 10,000 over 50s in a quality of life index, and has revealed that many are planning to spend a little more in the coming months weekends away and going out more in the evenings.
Despite the broad increase in confidence in the economy, 20% of over 50s are still struggling to make ends meet – mainly making savings by cutting their heating bills.
Many are still worried about crime, especially after the summer’s riots, ahead of concerns about health.
In general, the over 50s expect inflation to rise over the coming months – as high as 6%.
Saga’s director general, Dr Ros Altmann, said: “After falling consistently throughout 2011, I hope that the first signs of stabilisation in our quality of life index will turn into a solid improvement in 2012. It is also heart warming how much the over 50s are helping others, despite high inflation, by supporting family and charity. These really are generous generations.”
Meanwhile, in a separate survey by insurance firm Aviva, 90% of over 55s who are grandparents will buy them presents, with over half spending £30 or more on each grandchild.
Two-thirds will spend even more on their grown-up children than on their grandchildren.
Related Posts :
