“Forbrukerrådet urges the elderly to improve budgeting skills to avoid debt collection notices”

A new survey from The Consumer Council shows that very few of us set up a budget. This despite the fact that most people have had less to worry about in the last year and a half.

The worst are those over 60, writes Vi.no.

Almost half believe they do not need a budget

In the 30-50 age group, four out of ten set up a budget. This is the “smartest” age group.

– This is a high number and it indicates that many people are taking action on their own finances. At the same time, there are several well-to-do adults who we believe would benefit from a better overview of their personal finances, says Jorge B. Jensen of the Consumer Council.

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In comparison, only 23 per cent in the age group 60+ say the same.

13 per cent say they “keep a budget in their head”, 47 per cent say they don’t keep a budget because they don’t need to, six per cent say they plan to start doing so, two per cent say others in the household do and eight per cent say they simply haven’t thought about it.

Check loans, insurances and subscriptions

The Consumer Council is now encouraging older people to take control of their own finances and set up a budget.

It is particularly worrying that several debt collection agencies have reported an increase in debt collection among the 60+ age group in particular.

– There are many hidden money thieves in everyday life. A budget will not only reveal the little bandits on the account statement, it will also in many cases provide motivation to refrain from the small temptations, which at the end of the month can end up in large sums, says Jensen to Vi.no.

He also recommends taking a closer look at the loan conditions for those with loans. Other tips are to check the insurance policies and subscriptions. Here you can save a lot of money.