May 14 2008
Inflation is hitting elderly people in the UK harder on average than any other age bracket, according to recently figures.
Studies by the Alliance Trust have found that people aged over 75 are currently dealing with inflation rates of more than four per cent, compared to three per cent for those aged under 30.
The news could highlight the importance of effective efforts in saving for retirement but the researchers have warned that older people across the country are struggling to pay their utility bills and cover their basic food costs.
"Once again, we have found that the over-75s are the most exposed to the negative impact of high food and energy costs," said Shona Dobbie, head of the Alliance Trust Research Centre.
In related news, a recent report from LV= suggested that people saving for retirement around the UK are more concerned than ever about their financial prospects for later life.
