A new study has found that the quality of life for the over-50s in the UK is suffering due to rising inflation and unemployment.
This trend has been in existence since the last nine months with more than a fifth cutting back on essential items, and 68 percent decreasing the amount they spend on non-essentials.
According to the quarterly report of over-50s campaigners Saga, the levels of happiness for this age group have also declined for the first time this year, thanks to the rising cost of living.
Older people in Britain face inflation of around six per cent on a majority of the products and services they buy.
Most of the sufferers revealed that this trend had led to them cutting back costs like hairdressing or eating out.
"While many commentators blithely assume that the older generation are much better off than the young, this does not apply across the board," the Daily Express quoted Dr. Ros Altmann, director general of Saga, as saying.
"In particular, it seems those in their 50s are faring even worse than the older groups," he added.