Saga, the over-fifties financial services specialist in the UK has reported a sorry state of affairs for the older generation.
The Saga report is based on the Centre for Economic and Business Research [CEBR] and a Populus survey of 10,000 over-50s. It discusses how a decreasing income, increasing inflation and reduced employment opportunities are affecting the once-prosperous 'baby boomer' generation and how this would affect the economy in the long run.
Inflation has gone up by 70 per cent in the past two years. 43 per cent of this age group do not have regular employment and surviving on government dole. 63 per cent have expressed their unhappiness over the rising cost of living, while 54 per cent are worried about falling incomes from savings. All these concerns have led to the cut down in expenditure.
With dwindling pensions, and the threat of permanent unemployment facing them, they face a life of penury. And experts are voicing their concern over the consequences that this would have on the economy.
As Charles Davis, economist at CEBR, remarks: "As the UK's population of people over 50 continues to grow it is imperative their concerns are understood."