Grandparents 'Cutting Back on Spending for Treats'

Women aged over 50 are feeling the effects of the economic downturn more than their male counterparts, a survey from Saga reveals today.

According to the firm, many of Britain's grandparents are feeling the pinch from rising food and fuel prices, but would rather deny themselves non-essential consumer goods rather than stop giving their grandchildren treats.

Around 20 percent more females than males were found to be cutting back on "treats" spending by the Saga survey. Moreover, 83 percent of women, compared to 77 percent of men, said that they had made some form of lifestyle change to save money over the past few months.

Around 50 percent of all over-50s said that they had cut back on "personal treats", while just 13 percent had reduced the amount they spent on their children and grandchildren.

Andrew Goodsell, chief executive of Saga, said: "With rising food and fuel prices people are having to make savings where they can. However grandparents seem determined to insulate their grandchildren from the current economic pinch and, although they may cut back themselves, treats for their grandchildren will be one of the last things to go."

Working on Saga's behalf, pollsters Populus questioned around 8,000 over-50s over their spending habits for the research.