Over 55s fear rising bills

The age gap is alive and kicking as a new survey reveals that seven out of ten people aged 55-years-old and over fear they will be worse off financially by the end of the year compared to just a third of people aged 18 to 24 years old.

More than 3,700 people were quizzed on how they are trying to deal with fears such as rising fuel costs and household bills, whether that’s saving pennies by growing their own food, cutting down on holidays, takeaways and nights out or fixing old clothes instead of putting them in the bin.

But the survey, conducted on behalf of Countryside magazine, revealed that it’s the over 55s who are more worried than anyone else about the economic downturn including the pressures of increasing household bills and vehicle fuel costs.

Countryside editor Martin Stanhope said: "We all know 2011 is going to be a tough year, with spending cuts and fears over job security affecting all parts of Britain.

"The survey has highlighted a number of interesting facts, not least the very different attitudes to the economic situation between those in the 18 to 24 age bracket and the over 55s."

The survey also revealed that the town and country divide is alive and well. Rural dwellers are much more likely to be concerned about fuel costs – 57 per cent of rural dwellers are very concerned, against 44 per cent in towns and cities, highlighting the importance of rural transport. Londoners also appear most isolated from the effects of the credit crunch with 60 per cent believing they will be as well off, or better off, by the end of 2011. Over 50 per cent of rural dwellers think they will be worse off by the end of the year.