Majority of UK seniors use overdrafts - study
New research has discredited traditional believes that the young are more exposed to financial risk by revealing that two-thirds of over 50s use overdrafts to get by.
According to figures from online comparison company uSwitch, around 66% of the UK's 17 million over 50s have overdrafts, of which one in four use the facility regularly. Furthermore, 1.5 million need it to pay regular bills and 850,000 are permanently overdrawn. While conventional wisdom suggests that the young are far worse at running their financial affairs, the research from uSwitch estimates that over 50s in the UK pay out GBP238 million each year for exceeding their authorized overdraft each year and that almost half are unaware of the charges they potentially face on overdraft facilities. These figures shatter the myth that 'debt' is something that only affects the younger generations in this country, commented Nick White, head of personal finance at uSwitch.com. At a time when the only interest rates the nation's elderly should be worrying about are those on their savings accounts, too many are finding out how expensive it is to borrow on an overdraft – or worse still, to go overdrawn without authorization.
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