Cost of living having devastating impact on finances of older people
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Study shows soaring cost of living is having devastating impact on finances of older people
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The soaring cost of living is having a devastating impact on the finances of older people, a study shows.
More than two-fifths of 55 to 64-year-olds are struggling financially or are ‘up to their neck in debt’, insurer Aviva found.
Struggle: More than two-fifths of 55 to 64-year-olds are struggling financially or are ‘up to their neck in debt’, insurer Aviva found
Across all over-55s, more than a third feel like they are having difficulties with money.
The over-55s, who typically spend more on food, energy and fuel, are being hardest hit by inflation with most saying they would need more than £257 per month extra to feel financially secure.
Inflation stands at a 40-year high of 10.1 per cent and households are bracing for an increase in energy bills from £1,971 to £3,549 in October.
Aviva is forecasting the rate of inflation will hit 15 per cent when bills hike – higher than the Bank of England’s forecast of 13 per cent.
The insurer said price rises for over-75s could climb to 18.8 per cent due to their spending habits.
Three-quarters of over-55s are looking for ways to boost their income, with almost a quarter selling off unwanted items.