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Over 50s cutting back on driving to save money

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More over 50s are cutting back on the amount of driving they do in order to save money, as mounting financial pressure make money saving a priority.

That is the finding of research by insurance specialist Saga, which has revealed that a third of over 50s have cut back on their motoring expenses.

The main way older people have cut their car costs is through reducing their mileage, saving on both petrol and wear and tear on the car.

The research found that average mileage amongst the over 50s has dropped by a fifth since 2006, falling from an average of 6,561 seven years ago to 5,389 today.

Nearly half of over 50s now say they are always on the lookout for the cheapest petrol prices, in order to save money when filling up.

A further 36% said they try to walk on short journeys rather than drive, while 35% said they are using public transport more often.

Roger Ramsden, chief executive of Saga Services, said that there are some money-saving techniques that all drivers – regardless of age – should use to cut costs.

“Older people are feeling the pinch and cutting back on driving, but everyone could save money and make the most of their journeys if they follow a few simple tips,” he said.

The research found that women are more likely than men to try and cut driving costs by walking, catching a bus or planning journeys to reduce expenses.

But when it comes to finding the best petrol prices or jumping on the bike to save money, men have the upper hand over women.

With rising costs for almost every aspect of life – not just driving – people of all ages are feeling the financial pinch.

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Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074