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Elderly Brits urged should make their money 'work for them'

Elderly UK consumers urged to do all they can to get the most out of their money

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28 January 2012

Elderly Brits urged should make their money 'work for them'”

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Elderly Brits have been urged to do all they can to make their money work for them in these tough economic times.

Annie Shaw, founder of independent financial advice website cashquestions.com, advised older UK consumers who are struggling to make ends meet to ensure they are getting the most out of their savings by switching to a high-interest account.

She said: "They [Elderly Britons] should also be careful that they aren't taking risks that they aren't happy with.

"This is a very difficult problem because obviously interest rates are so low on savings products it isn't going to be easy. But they may get a few pounds out of it, rather than just going to their local bank or building society that they have always been with."

Ms Shaw added that all UK consumers should ensure that they are getting all the benefits they are entitled to and should not feel any "shame" in applying for such credits as they have paid for taxes throughout their life.

Around 3.1 million Brits aged 60 and over have cut down their spending on food over the past 12 months as rising levels of inflation continue to cut into budgets, according to a poll by Age UK.

Posted by Jack Ramsey

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