The over 50s feeling the economic pain

Older people are suffering a drop in their quality of life as their incomes are squeezed by low interest rates and high inflation.

The over 50s have seen their living standards fall in the past quarter, following a year-on-year decline in the real value of their incomes.

As a result, they have less money to spend on luxuries, such as eating out and buying clothes, according to Saga, which provides services for the over 50s.

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Dr Ros Altmann, director general of Saga, said: “Financial burdens for the over 50s have worsened in the past three months with living costs soaring.

“We are witnessing a significant decline in discretionary spending. This has worrying implications for the whole economy and could mean less consumer demand and less job creation for the young.

“Despite these hardships, the over 50s are trying to remain positive and stoical.”

The only group which has seen an overall improvement in their quality of life are those in their late 60s, which the group partially attributed to more people aged over 65 staying in work.

The research also found that the quality of life gap between the highest and lowest socio-economic groups has widened since the same research was carried out during the previous quarter.

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