The credit crunch is hitting the whole of the UK hard, bit it seems as through the over 50s are the ones who are suffering the most. Research by the Post Office reveals that almost half of the 50-plus need help to manage debt as they resort to using their credit cards in order to afford daily living costs, with three quarters having access to more than one credit card.

Putting money aside for a rainy day is becoming more of a hope then an actuality, as a third of those in this age bracket are unable to save regularly.

Duncan Caesar-Gordon from the Post Office said: “In an economic climate where living costs are soaring, over 50s are finding they cannot afford to save and are more reliant on credit.”

Sadly, these figures do not get any better with age. 57% of the over 70s are unable to make any deposits to their savings and 64% admit to regularly paying for food with credit cards.