The over 50s are struggling to decide which of their domestic bills to pay as they try to cope with the worsening effects of the credit crunch.
For the over 50s, household budgets are being stretched to the limit by all the various demands, including the rising cost of utilities and weekly food basket, though the good news is that many are now prioritising. New research from a leading over 50s insurance company shows that council tax, gas and electricity bills are being paid promptly by many, but the not so good news is that other bills, such as car insurance, car tax and the TV licence, though mandatory for car owners and television viewers, are being given a wider berth. Worryingly, some homeowners also think they can save money by skimping on
house contents insurance.
Over 50s Priority Expenses
Leaving the food bill to one side, top of the list of priority expenses for over 50s homeowners was council tax, with around 1 in 5 (21%) believing it essential to keep up to date with this. Next was gas and electricity, with 19% support each. Buildings insurance was considered the 4th most essential expenditure. After these, the survey revealed a steep drop in motivation to pay with items like
car insurance, car tax and TV licence being seen as ‘less important'. Just 2% put car insurance and car tax on their list of important bills to settle, and 1% said they would hurry to pay their TV licence.
Insurance Payments
Rather than avoiding payment, ask your service provider if they can make payments easier. There are several companies which specialise in providing insurance products to the over 50s which can offer payment plans to customers in order to help them spread the costs of insurance premiums throughout the year. In this way, householders are not burdened by having to pay several big bills at once.
Research conducted by BMRB, August 2008. All figures are based on a sample of 518 GB adults aged 50+.
Janet Connor, Managing Director of RIAS is available for further comment and interview. To arrange an interview with, or photography of, Janet, please call Sadie Sheppard on 01202 254489 or e-mail ssheppard@rias.co.uk
