My View: Catherine Scott: It’s not just the elderly who are facing up to a tough economic future

Well, it now appears that the bubble has burst and the future doesn’t look quote so rosy for the over-50s.

According to the grim Saga Quarterly Report, a comprehensive analysis of the lives of Britain’s 21m over-50s, the quality of life for them is worsening as they suffer falling income, rising inflation and higher unemployment.

They report that they are increasingly worried about the cost of living and are cutting back on life’s pleasures, such as eating out and holidays.

And it’s the lower socio-economic groups who are suffering disproportionately, according to the report.

“People sometimes paint the older generation as ‘the lucky ones’ with fewer problems than others. The evidence does not support this view,” says Dr Ros Altmann, Director-General of Saga, the over-50s group.

“Some are fine, but the majority are currently struggling and the worst affected are just short of retirement. Their pensions will not deliver the income they were expecting, their savings income has evaporated and more are losing their jobs.

“Once out of work, they find it hard to get back in. In short, their lives may never recover, but their plight has so far been ignored by the policy-makers.”

While I do have some sympathy for this generation, they are not alone in feeling the hardship of the downturn in the economy.

While they may not be able to look forward to that leisurely retirement there is a whole generation of school-leavers and university graduates who face difficult if non-existent job prospects. It is these people for whom we should save our sympathy.

The 50-plus generation have reaped the rewards of a buoyant economy, many will have paid off their mortgages and although they may have to cut back on a holiday or two a year, they will be able to feed and clothe themselves and still have a roof over their heads.

For the generation just starting out, the future is far less certain and they can’t even contemplate getting on the property ladder.

It is a shame that the 50-to-64-year-olds may not get the retirement for which they hoped, but these are hard times for everyone.

What is clear is that we all face a different working life and retirement to those of our parents.

We will all have to learn to adjust to the changing economic times which we face.