Over-55s searching for savings

Brits over the age of 55 are taking steps to make their money go further, with 75 per cent of people of this age planning to shop around for cheaper insurance, gas, electricity, TV, phone and broadband services.

New research conducted by Sainsbury's Bank has revealed that people are looking to make their money go further this year by getting cheaper deals for household bills.

This was more of a priority for over-55s, while 72 per cent of the entire adult population also plan to shop around for deals.

Of those with car insurance, 65 per cent are planning to look for a cheaper alternative, while 58 per cent will do the same with their home insurance.

When it comes to gas and electricity however, this figure drops to 38 per cent, with just 34 per cent of people planning to search for new phone, television or broadband packages.

By planning to switch one or more of these products, people are expecting to reduce the amount they pay by an average of ten per cent.

Simon Ranson, head of banking at Sainsbury’s Bank, said: "People who are retired or approaching retirement are often very reliant on their savings and investments to generate an income. In the current investment climate, it’s perhaps not surprising that people are reviewing their finances to see if they can save money and get better deals."