Saga, the over-fifties financial services specialist in the UK has reported a sorry state of affairs for the older generation.
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.
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."