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Baby boomers need relief from electricity bills

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New research from RaboBank has shown that Australian baby boomers are facing uncertain retirement plans due to a lack of savings.

Almost half of the respondents believed that the state of their finances was currently worse than the previous 12 months, with a further 60 per cent predicting the situation to further decline over the coming year.

Nearly half feared that they would run out of money during retirement - a sign of dire circumstances ahead for the ageing population.

The report also showed that 25 per cent of those surveyed had not been able to put away any savings in the past year - and many didn't have any in the bank at all.

Cost of living increases across the board have contributed to higher overall expenditure for Australians and the burden of retiring with debt is now a reality for many.

Baby boomers who are unhappy with their financial situation may benefit by contacting a switching service which may be able to save them money on their energy bills.

An impartial third party can evaluate choices for electricity suppliers and should a cheaper rate become available, the switch could save them hundreds over the course of a year.

Posted by Charlie Moore