Over 55s Pressured To Use Income Generating Savings To Cover Their Deficit

A recent study by Aviva has revealed a quarter of over 55s have had to use income-generating savings to pay for unexpected expenses. The Real Retirement report revealed that 9 out of 10 over 55s have had significant unexpected expenses in the last five years and that 64% are concerned about the rising cost of living over the next five years.

The report also highlighted the importance of getting into good money management habits as 55% have not yet made any provisions for these unexpected expenses. Perhaps most significantly, 11% took out a loan or credit card to cover these costs, which could signal the start of a longer term demographic shift in demand for debt advice services.

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