Elderly Brits 'hardest hit' by rising levels of inflation
Brits aged 60 and over are struggling financially due to soaring levels of inflation, says expert
Elderly Brits 'hardest hit' by rising levels of inflation”
Elderly Britons are struggling to cope financially in the current economic climate as they are hardest hit by rising levels of inflation, according to a financial expert.
Annie Shaw, founder of financial advice website cashquestions.com, claimed that those aged 60 and over spend the majority of their money on goods and services which have increased in price rapidly in recent months.
She said: "Inflation for older people tends to be higher than the headline rates published by the government, because older people have a higher percentage of outgoings [on] things like domestic fuel, food and possibly rent.
"The things that are going up in price tend to affect older people much more. Although everybody is feeling the pinch, older people are feeling it perhaps more than other sections of society."
Ms Shaw advised older Brits to review their finances to ensure their outgoings are as little as possible.
Her comments follow the publication of a survey by Age UK which showed that more than half of people aged 60 or over claimed it was more difficult to live on their incomes than a year ago.
Posted by Sarah Nyman
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