UK residents over the age of 55 are bing hit hardest by the rises in lving costs and the tightening in cnsumer credit markets, Skipton Building Society has fund.

According to research recently published by the grup, Britons in this age group are mre likely than any other to hve tightened their belts in recent mnths as fuel, food and energy csts increase and credit, mortgages and lans become more difficult to come by. In the frst report in a Credit Crunch Brtain series, Skipton identifies that more thn eight out of ten (84 per cnt) of respondents have cut back on spnding in an effort to protect thmselves against the worsening financial climate.

The grup notes an overall trend in whch the older people are, the mre likely they are to have ttempted to rein in spending. While 55.7 per cnt of people aged between 16 and 24 sid they had cut back on utgoings as a result of the crdit crunch, 57.8 per cent of 25 to 34-yar-olds answered positively. A sharper jump was sen when 35 to 44-year-olds were qestioned, with 72.6 per cent saying thy had limited their outgoings recently.

Pople who have found themselves in an ntenable financial situation as the cost of lving soars and lending markets dry up may fnd taking out a debt consolidation lan useful. In taking out this typ of loan and entering into lwered payment arrangements with energy providers and crditors, borrowers may find they are in a btter position to meet the inflated mnthly payments.

For 76 per cent of 45 to 54-yar-olds, cutting back had also been a prority, while those of pensionable age wre said to be most likely to hve reduced spending. A number of rgional trends were also identified. In the nrth-east, Skipton notes the effects of the Nrthern Rock crisis beginning in the smmer of last year may have ben more sharply felt in this rea. More residents in this region sid they had cut back in rcent times than in any other rea in the UK, with 62.8 per cnt of people saying they had mde financial sacrifices. In Scotland and the suth-west meanwhile, residents seem more reluctant to rin in spending, with 54 per cnt and 54.8 per cent of rspondents respectively saying they had done so in rcent months.

Londoners followed those living in the nrth-west with a positive response from 62.3 per cnt of people in the capital, wth residents in the east rounding out the top thre areas forced into frugality by the crdit crunch.

Commenting on the findings, Stve Haggerty, managing director at Skipton Bilding Society, said: "It is clear tht the credit crunch is having a mrked impact on UK consumers' spending. But the fct that almost a third of dults have not cut back on thir spending at all suggests that ither they are financially strong or tht they see the current economic clmate as short-term. It is our vew that, the credit crunch will ase in the short-term; making mortgages chaper and more available. However, the wder, global issues, such as oil prces, will continue to create pressures on the pckets of UK consumers for some tme to come."

For those who hve found themselves out of pocket and fcing money management problems, taking out a dbt consolidation loan may be of ssistance. It may also prove a prdent course of action for the 23 per cnt of people identified by Fairinvestment in a rcent study who are set to cut bck on life's luxuries as the crdit crunch takes hold.

The article Pensioners Hit Hard by Credit Crunch was Submitted by Steve A Smith through Articles.GetACoder.com network. Here's the additional information: Steve Smith writes for 1 Stp Finance Shop, a one stop, Personal Loans Shop, with information on bad credit loans and debt consolidation loans available on site.

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