LONDON, UNITED KINGDOM--(Marketwired - Apr 8, 2013) - It may not have been a white Christmas last year but the vast majority of UK adults surveyed in a recent study were taking steps to help keep their spending in the black. Those of annuity buying age appeared 'most savvy' and best prepared to deal with periods of austerity as Tim Gosden, Head of Strategy for Individual Annuities at Legal & General explains.
"Our recent research into budgeting highlighted just how resourceful people can be when money is tight. The people over 55 who we spoke to about Christmas 2012, were noticeably more likely to reuse decorations (72%), buy cards in January (35%) and food early to freeze (26%). They also tended to help loved ones get more for their money by giving them cash or vouchers to spend in the sales.
As an age group, the over 55s were also more likely than the average population to take the following steps to make their money go further in general:
- Only buy things that they really need and will use (71%)
- Use and collect money off vouchers (65%) and compare prices in shops (66%)
- Fix things rather than throw them away (55%) and only buy things they know will last (51%)
- Shop around for the best utility deals (46%) and compare prices online before buying (71%)"
Tim added, "It's encouraging to see the willingness of this age group in particular to shop around because that's exactly what they should be doing to maximise their pension annuity income. Offers from different annuity providers can vary significantly, particularly when someone has health issues that can be taken into account, so it's important they shop around to make sure they're not missing out on extra income for life."
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