Finance News

Recession 'causing problems for over 50s abroad'

Fluctuating exchange rates are causing financial problems for over 50s living in Europe, according to HiFX.

The falling value of the pound during the recession is causing financial problems for UK over 50s living abroad as well as in Britain, according to research.

A new report from financial services provider HiFX has revealed that British retirees living in Europe are seeing the value of their fixed pensions plummeting due to the weakening UK currency.

This means that those pensioners living abroad have lost around 5.5 billion (5 billion) of their income in the last two years, while those in countries such as Australia and South Africa have been affected even more badly.

Mark Bodega, director at currency specialists HiFX, stated that the shortfall is due to the "unprecedented" levels of volatility in the currency market in recent times.

He said: "In the current economic slowdown everyone is feeling the pinch."

Last month, HiFX revealed that the unfavourable economic conditions being faced by over 50s abroad is forcing many to return to the UK.

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