The cost of living crisis affects people of all demographics, but the financial strain on the older generation can be especially daunting. With rising energy bills, food prices, and other essential expenses, many seniors find it increasingly difficult to make ends meet. Retirees often have fixed incomes from pensions or savings, so when the cost of essential items increases, it can lead to significant challenges, impacting their quality of life and overall well-being.
Retirement should be a time when people have the opportunity to do all the things they didn’t have the time or money to enjoy during their working lives when the pressure of looking after children took precedence. This could be learning a new skill, travelling, or just spending more quality time with family and friends, but rising costs are making retirement harder to enjoy than ever before.
The effect of rising living costs on pensioners
Energy Bills
Energy bills have been a huge contributor to financial strain on all households across the country, but older individuals are often especially vulnerable, especially those who live in older homes that may be less energy efficient, leading to higher heating and electricity costs. Older people may also be less savvy about changing suppliers or wary about spending money on heating their homes.
Social Isolation
The cost of living crisis also contributes to social isolation among older generations. People are often forced to cut back on social activities and hobbies, leading to feelings of loneliness, depression and isolation.
Food Costs
The rising cost of food has also significantly impacted older generations, with many seniors being forced to cut back on their food purchases or make choices between essential items. This can lead to malnutrition and a decline in overall health.
Healthcare Costs
Healthcare costs can be a huge burden for older individuals, especially those with chronic health conditions. Transport to medical appointments and the costs of possibly long-term care mount up quickly.
Chums partnered with Age Space to highlight the impact of the rising cost of living on retired people. Chums asked over 55s their thoughts and worries about the future. The survey found that 20% of people who had already retired were planning or considering returning to work. 58% of those still in work were either planning on working past retirement age ( currently 66 ) or thinking about it. While some people enjoyed the mental stimulation of work, the majority claimed the cost of living crisis had a large impact on their ability to comfortably retire. Interestingly, the survey also found that women were more concerned about their finances than men, which implies that women are more affected by the cost of living crisis.
Save up to 20% with Age Space
Age Space are offering 20% discount across their site to help alleviate the burden of the cost of living on the over 55s. To be eligible for the discount, you need to spend at least £50. It doesn’t include items over £150 or those in Clearance. This discount also can’t be used with any other promotional code or offer.
In collaboration with Chums
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