Age UK has launched a report titled Tackling the cost of living crisis for older people: What the Government must do.
Over a million older households are staring down the barrel of another long, difficult year. Too many living on low and even modest incomes are being pushed into debt and being denied their retirements. And many who have retired are facing difficult financial situations with dwindling savings, leaving them little if anything to fund a comfortable standard of living later on. It’s not the way any of us would want our loved one or ourselves to live our later life.
Some of the key statistics from the report;
A quarter of those over 50 in Great Britain couldn’t afford an unexpected but necessary expense of £850.
45% (11.3 million) of those over 50 in Great Britain are currently finding it difficult to afford their energy bills.
68% of people aged 70 and over in Great Britain experienced an increase in their cost of living compared to one month ago. In response 1 in 3 of them are spending less on food or other essentials.
42% of those over 50 in Great Britain don’t think they’ll be able to save any money in the next 12 months.
1in5 (3.4 million) people aged 50 to 69 and 1in12 of over 70s in Great Britain have had to borrow more money or use more credit than usual in the last month, compared to a year ago.
1.3m of those over 50 in Great Britain had had a direct debit, standing order, or bill they have not been able to pay in the past month.
1.7 million over 55s expect to have to keep working indefinitely.
400,000 people approaching state pension age (60-65), or another member of their household, had recently had to change their work habits, for example returning to work, working longer than expected or delaying retirement, in order to boost their income.
Download the full report
If you’re struggling to keep warm, or know an older person who is, Age UK provide vital information and advice services on a local and national level to support older people to claim entitlements that help with their bills.
We encourage you to share the free advice line with anyone in need of support. Lines are open 8am-7pm, 365 days a year, on 0800 169 65 65.