18 November 2008
Britain's over-50s are being urged to examine their current accounts to ensure they are making the most of their money.
According to research by Alliance & Leicester, just 7% of over-50s have changed their current account provider to improve their financial situation.
This is despite the fact that 98% have been affected by the rising cost of living, which is putting a squeeze on the disposable incomes of many UK households.
The research shows that higher gas and electricity bills have hit 77% of over-50s, while 70% have felt the impact of rising basic food costs.
Other areas where over-50s are feeling the pinch are council tax, motoring, mortgage repayments, eating out and holidays.
Emma Walkley, Current Account Manager at Alliance & Leicester, said over-50s should look at how they can maximise their income wherever possible.
"For many, this could be as simple as choosing a bank account that works harder for them, giving them better value for money in their retirement," she remarked.
According to analysis by uSwitch.com, current account providers have been reducing their in-credit rates since the Bank of England cut the base rate by 1.5%. This could make finding a competitive current account even more important.