People approaching retirement age have had their holdings in savings accounts such as ISAs and bonds severely negatively impacted by various factors caused by the global economic downturn.
That is according to Jason Riddle,
co-founder of Save Our Savers, who believes there have been several issues occurring throughout recent years that have resulted in Britons considering when to finish work permanently struggling to plan ahead for this time properly.
Mr Riddle explained that individuals in this position are "facing a bleak future" and have every right to feel as if they have been "double crossed" by an extremely unfortunate set of circumstances.
He went on to note that even though the majority of this demographic have "played their part and saved in order to have as comfortable a retirement as they could afford", the recession has had a significant adverse effect on their ability to make provisions for later in life.
"The combination of the stock market crash, low interest rates and inflation has devastated their future income," the expert added.
Earlier this month (September 2nd), AXA's Big Money Index revealed that for those nearing retirement, confidence in their financial future remains low, while people under the age of 50 are cutting back on savings and borrowing more to fund their lifestyle.
Mr Riddle went on to say that the impact of the worldwide slump has been keenly felt by all groups, as everyone has been "hit hard" in one way or another, with the rising cost of fuel and the general cost of living proving tough to manage alongside issues like wage cuts and redundancies.
"I think we are also seeing a shift in the reason for . Before the credit crunch, people were borrowing to improve their lifestyle and now they are borrowing to put food on the table and pay the bills," he concluded.
However, the younger generations are also having some financial difficulty.
Many people are missing out on prudent advice from their grandparents on personal finance options such as in the aftermath of the global economic downturn, a new study has indicated.
According to research published earlier this month (September 2nd) by NS&I, in excess of one-third - 36 per cent - of all Britons feel their older relatives represent strong role monetary role models in these tough times.
Despite this widespread opinion, just ten per cent have actively sought out their grandparents to take tips on how they can best use products like or , meaning the majority are wasting the opportunity to benefit from their senior loved ones' expertise.
And it appears that a lack of communication between these two age groups is the primary reason for this discrepancy, as some 37 per cent of all over-65s are of the mistaken belief their advice is not wanted and therefore hold back on offering their opinion.
However, data collated by NS&I indicated that tips are clearly required by much of the younger generation, as 11 per cent of all those between the ages of 16 and 34 - approximately 1.7 million people - have no savings in place.
John Prout, savings spokesman at the company, urged families to be more open with regard to their financial situation as it is vital for individuals to share experiences with each other.
"These are challenging times for all of us and as younger people are often making financial decisions for the first time, having the opinion of someone who has already been through these life stages can be invaluable," he added.
