Over 50s Carefree In Crunch
One generation of people seem not to be worried about the ongoing effects of the credit crunch and are continuing to be happy spending their hard earned cash, it has been claimed.
Research conducted by high street bank Lloyds TSB indicates that the over 50s are not letting the economic gloom get to them and are continuing to spend their cash in any way they see fit.
The study found that the so-called generation flex have a carefree attitude to their spending, thanks in part to them being financially savvy. Indeed some 43 per cent of survey respondents claimed they had a very high quality of life, compare to 27 per cent of people in their 40s who felt the same.
Researcg also showed that more than half of respondents over the age of 50 felt as if they were living their life exactly as they wanted to, but not as many people in other age groups felt this way. As well as this, more than a quarter (27 per cent) of people who were born before 1958 said they did not have any concerns about the credit crunch, feeling that they were safe in their spending habits.
Leading life coach Gladeana McMahon said: “When you reach your 50s, you finally become comfortable in your own skin, it is the decade of your life when you can truly become an individual and do all the things that you have wanted to do.” She added that people in their 50s tend to know what they want - thanks to their wealth of life experiences - and can enjoy more fun and freedom because of this.
They have a more down to earth and flexible approach to both their life and their finances, helping them to remain “unphased” by the different challenges that are thrown at them by constrained economic conditions.
Seemingly escaping from the jaws of the credit crunch, the over 50s also excelled in making a stand in other areas of life. Indeed they were most likely to make a stand for what they believed in during when they disagreed with something, such as the closure of local facilities. Younger respondents to the survey seemingly did not feel so passionate about such things, as fewer people indicated they would campaign in favour of a local service.
Following the survey, Lloyds TSB has created a new guide designed specifically for the over 50s, with some suggestions as to how to best meet financial constraints - which may include outgoings on a personal loan.
Earlier this year, research conducted by Nationwide indicated that Britons generally have a falling level of confidence in the state of the economy, with the expectations index recording a six point drop. Indeed some 53 per cent of people believed the economy would continue to get worse. For people in such a situation, applying for a cheap loan could help them to manage their finances, as outgoings on other debts could come together into one monthly repayment.
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