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Hartford finds credit crunch worries

Millions of people are worrying about their finances at the moment, a study from the Hartford has found.

Significant turmoil on the global financial markets has been ongoing in recent months, leading to a credit crunch which has made it more difficult for banks and consumers alike to take out loans.

In turn, this has led to widespread fears that the UK will suffer a marked economic downturn in months to come - which could see homeowners plunged into negative equity and widespread lay-offs.

The Hartford's poll found that almost half of over-55s are "concerned" or "very concerned" by the economic outlook - a figure that drops to 38 per cent among 45 to 54-year-olds and 32 per cent of 35 to 44-year-olds.

According to the financial services firm, this has led to pension products guaranteed not to be hit by falling markets to enjoy a measure of popularity.

Just over one in five poll respondents across all age groups told the Hartford that they would either be "very willing" or "fairly willing" to pay an extra annual fee for such a product.

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