Older people 'have better financial awareness'

Consumers aged over 50 may be better at managing their finances than those in younger age groups, according to new research.

A survey conducted by financial provider NS&I has revealed that 60 per cent of over 65s know exactly how much they have in their bank accounts, compared to 38 per cent of 16 to 24-year-olds.

In addition, women were revealed to be more likely to be keeping a close watch on their finances, with 50 per cent knowing how much they have saved compared to 41 per cent of men.

The firm stated that financial awareness is crucial for over 50s and other savers, particularly during the current economic downturn, as prudent money management can have a number of benefits.

Dax Harkins, senior savings strategist at NS&I, said: "You can assess your incomings and outgoings, identify opportunities for savings and make your money work as hard for you as possible."

This comes after MGM Advantage last week advised over 50s to take greater care when selecting an annuity, as shopping around for the best price can increase their income by thousands of pounds.

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