Cost of living having devastating impact on finances of older people

Study shows soaring cost of living is having devastating impact on finances of older people

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.

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