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Over-50s savings survey released by Alliance & Leicester

Around 80 per cent of over-50s are continuing to make retirement savings, Alliance & Leicester has revealed.In its new savings research, the financial firm also found that 42 per cent of the age group have either made - or are making - "sacrifices" in order to boost their savings.The current credit crunch, which has knocked the value of many pensions investments, was also found to be a big cause for concern among over-50s.Just under half of those polled cited the crisis as a worry, saying that they feared it would have a "negative impact" on their finances.Hetal Parmar, Manager for Savings at Alliance & Leicester, said: "Aside from the confident few, ‘Silver Savers' are concerned about their retirement nest egg and the effects of the current economic climate. "A significant number say that they have yet to accumulate a comfortable financial cushion for their retirement and are living prudently now so that they can afford to maintain their standard of living later on."

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