Research from SunLife has shown that while over half of working people over 50 have a private pension, one in 20 have been forced to stop their contributions or cut the amount they are paying in due to financial strains.
The cost of the pandemic for Britons should not be underestimated, and in fact, a number of people over 50 have recorded a significant drop in their finances over the last 11 months.
Out of those asked, on average, over 50s stated they are worse off by £445 per month - a sum which could make a substantial difference.
Among working over 50s, almost half of those asked said they have seen their job and income impacted, with 12 percent affected by unemployment.
| UPDATED: 14:26, Tue, Feb 23, 2021
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Pension saving is considered to be important for retirement, but for those who are getting closer to leaving the workforce, or individuals who have already departed, financial wellbeing is also vital. Ensuring one has enough to see them through later years of life is key, but many have been financially upended due to COVID-19. However the pandemic has affected a person, reevaluating finances can be a good way to ensure individuals are on track and financially protected in all circumstances.
| UPDATED: 23:00, Tue, Feb 9, 2021
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There are many ways that a shopper can save some money on their weekly food shop including picking up items from the reduced section and using loyalty cards to help build points. Co-Founder of money-saving community LatestDeals.co.uk, Tom Church, explained: “It’s easy to get stuck in a rut with your food shopping but don’t let all the best offers fall under the radar.” The expert has shared top tips on how customers can save extra money when shopping at Morrisons.
Unlike Nationwide, there is a minimum deposit of £1,000 on this account, Martin explained.
The upside, though, is unlimited withdrawals within this account to provide Britons with access to their finances whenever they need it.
But Martin also expressed surprise at the current best performing rates for an easy-access cash ISA.
He said: “Interestingly, easy access cash ISAs normally pay much worse, but at the moment, Cynergy is beating them.
Martin Lewis: The Money Saving Expert explained one ISA is currently offering the best rates (Image: EXPRESS)
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“A cash ISA is just like a normal savings account that you never pay tax on and doesn’t count towards your tax-free allowance.”
MONEY SAVING tips can significantly help Britons to slash costs, but with the price of weekly shopping climbing, many may feel they have suffered a setback. One thrifty shopper, however, shared her top tips for supermarket budgeting, alongside a useful meal plan.