Over-55 homeowners' financial prospects for 2014
Despite so many struggling to cover day to day costs and having to resort to other methods of financing, over-55 homeowners rate improving their saving habits as a top financial priority this year.
However, with many savings rate being so low and stuck below inflation many are failing to see solid returns. Furthermore, 11% of homeowners actually predict that rates will drop even further while 68% expect them to stay the same.
Therefore, the chances of people achieving their savings ambitions this year appears slim especially when we consider that a vast majority (94%) expect living costs to rise, with one of three predicting a significant increase. The largest concerns include keeping up with regular bills (23%) along with fears about boosting their income (20%).
These findings highlight that over-55 homeowners are well aware of how important it is to save; however, there are significant difficulties in putting this into practice in a time when the cost of living and low interest rates are forcing people to spend their existing savings or resort to using credit.