Fed: Retirees likely to save, not spend stimulus grants
30 Dec 2008 6:13 PM
A new report's suggesting a lot of the government's 10 billion dollar stimulus package may go unspent as retirees tighten belts to weather the global economic downturn.
The latest Citibank Retirement Index and Australian Wealth report released this week shows 40 per cent of retirees and semi-retirees aged 55 and over are worried their savings may not last their lifetimes.
Approximately four million retirees are eligible for payments from the federal government's package to stimulate the nation's economy.
But the report reveals older Australians have cut back their spending by up to 50 dollars a month.
The report's also revealed economic confidence levels among retirees have declined from 75 per cent to 63 per cent.
