Quality of life falls for Brits over 50
Record levels of happiness have fallen this summer for the first time in 2011, according to a new report. Quality of life decreased for British people over 50 years old as inflation and unemployment left many of those surveyed at risk of becoming a "lost generation."
Some fascinating social trends have been revealed from the latest Saga Quarterly report. The main conclusion though, is that Brits in their fifties are the ones who are suffering the most.
Firstly, older people are suffering because of the higher levels of inflation than the rest of the population. Secondly, high levels of unemployment are also hitting people in this age bracket particularly hard.
In the latest three months, levels of unemployment for those aged 50-64 continued to increase, while decreasing for the rest of the British population. Among those worst affected, women over 50 face a bleak future.
According to the study, it is very difficult for people of that age to get back in to employment after losing their job. A total of 43% of those out of work have been unemployed for over a year, many more now than at the same point just two years ago (30%).
The cost of living was, by far, the major concern of people aged over 50. Their general income level also worries them, even more than health-related problems.
The really bad news is that they are not very optimistic about the future. Nearly half (49%) of those questioned said that they expect economic circumstances to decline even further in 2012. Only one in three expect conditions to improve come 2013.
Considering these figures, people over 50 should be very careful when managing their finances.
Comparing the deals and benefits that different financial products such as bank accounts, credit cards or prepaid cards can offer them, might be a great help as they look to save money and strengthen their capital.