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Low interest rates 'causing money worries for older consumers'
Older consumers might be experiencing money worries at the moment because of low interest rates, an expert has suggested, in a development which may interest those who are facing issues like personal loans repayments.
According to moneymaxim.co.uk managing director Mark Bower, older members of the public could also be facing financial concerns due to reductions in their current pension incomes.
He commented: "A continued period of low interest rates will mean that whereas in the past they had budgeted for a certain level of income from their funds, they are just not seeing that income."
Because of these factors, Mr Bower believes that some consumers might be having to pay more attention to the amount they are spending on things like their insurance outgoings and other regular renewals.
Lifestyle changes in retirement may have an impact on the finances of older people in the UK, it was also recently suggested by LV= research.