Alistair McQueen, Head of Savings & Retirement, comments on the reliance of silver spenders on credit cards.
“Today’s UK Finance figures show that Britain spent a record amount on credit cards in August 2017 - £17bn, up from £15.6bn a year ago.1 This data comes on the same day that Aviva has reported that credit card debt among the over 55s has hit a new average high of £1,052 per person.2 Record low interest rates will have fuelled much of this love for credit, but Aviva’s research finds older spenders are beginning to worry about tomorrow.
“The greatest financial fear among the over-55s is the threat of a rise in the cost of living.
“It is over a decade since the Bank of England last raised interest rates. For millions of older spenders a rise in the cost of credit has become a forgotten concept. This is expected to change in the near future, with widespread speculation of an interest rate rise in November.
“Credit cards spending is often referred to as the “never never”. The experience of rising credit card bills may soon become the “now now”.
Fiona Whytock, Senior Media Relations Manager, T: +44 (0)7800 692299 E: Fiona.firstname.lastname@example.org
Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £340 billion in assets. Total group assets under management at Aviva group are £450 billion.
- Aviva helps people save for the future and manage the risks of everyday life; we paid out £34.4 billion in benefits and claims in 2016.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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