It seems that almost everybody is being hit by the recession as reports today suggest that there has been a jump in the number of people over the age of 50 that are in financial difficulty, and in need of debt help.
The global credit crunch has resulted in an economic downturn of epic proportions. There has been a sharp increase in unemployment, and a lot of people have suffered from the collapse of the stock market and the housing market. Many older consumers, that thought they had their finances straight, are now finding that they are unable to make ends meet, and are turning to debt advice organisations in an effort to sort out their money worries and get out of debt.
Chronic debt problems are not the only thing to worry about, for some people in this age group. More than 60% of over-50s are worried that they may have to work longer that they had thought, as the value of their pensions and investments have fallen. A recent report from Help the Aged showed that nearly two-thirds of the people, that completed the survey, were worried that they would have to put off retirement, as they simply could not afford to give up work when they had planned.
As the recession worsens, and businesses struggle, there has also been an increase in the number of over-50s that are facing the prospect of redundancy. According to figures from ONS (Office for National Statistics), the number of people becoming jobless in that age group has jumped by nearly 50%. For people that are aged 50, and above, the prospect of finding new employment is bleak. There are many obstacles to overcome, in trying to find new work, including age prejudice and competition from younger applicants.
