Age UK: Tackling the cost of living crisis for older people: What the Government must do
Age UK have published a new report this week on the impact of the cost of living on older people: Tackling the cost of living crisis for older people: What the Government must do. They report that it’s clear that for millions of older people the cost of living crisis is far from over – in fact in some ways it is getting worse. At the moment they are hearing from thousands struggling to cope with soaring prices and who are desperately worried about another difficult winter ahead.
The findings of the report include:
- 9 million people aged 50 and over seen their cost of living go up compared to just one month ago. Over 2 in 5 of over-50s are spending less on food and other essentials.
- 42% of those over-50 don’t think they’ll be able to save any money in the next 12 months.
- 68% (5.8 million) of people aged 70 and over have experienced an increase in their cost of living compared to one month ago.
- 19% of over-70s and 49% of 50–69-year-olds who rent or have a mortgage are struggling to pay it.
Age UK’s report also highlights other research which suggests that 1.7 million over-55s expect to have to keep working indefinitely
You can read the full report here.