Monday, May 08, 2006

The Overdraft Economy

A source of potential concern for areas with a growing middle-aged and elderly population, like Thanet, is reported in today’s Daily Telegraph, which writes:

“About 850,000 Britons over 50 are permanently overdrawn and 5m older people who are not working face an overdraft "black hole" of about £2.7bn, research has found.

A survey by price comparison website uSwitch reveals that the older generation are increasingly reliant on their overdraft to supplement their income, with many using it to make ends meet.”

1 comment:

Anonymous said...

I suspect that this lot including myself were the first to get hold of that 'flexible friend' and have not broken the habit of buy now, pay later. They may well be relying on capital stored up in houses or take the view that having too much money at pension age is not a good idea if your pension falls below the minimum income guarrantee. The State(alias other tax payers) will come to your rescue!