Over 50s 'are seeing their savings dwindle during recession'

Over 50s are increasingly seeing their savings impacted due to the recession, according to an expert.

The ongoing effects of the economic downturn are having negative repercussions on the pension pots of many over 50s, according to an expert.

Recent research by has revealed that more than a fifth of over 50s in the UK have seen their levels of debt increasing in the last 12 months as they seek to keep up their bill payments.

Joanne Garcia, head of credit cards at comparison site, stated this shows that over 50s are possibly even more susceptible to debt in the current climate than younger people.

She suggested this may be because older people are having to help their family members to pay for education or property purchases as well as catering to their own needs.

As a result, Ms Garcia stated that many have now accepted that they will need to work for longer in order to keep themselves financially stable.

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