Over 50s have a mountain to climb

Many older people are struggling, with 28 per cent saying their standard of living has got worse during the past year, while 30 per cent think their health has deteriorated, says Saga, which provides goods and services to those aged over 50.

The group said the worst affected were those who were close to retirement, because their pensions were unlikely to deliver the income they were expecting, low interest rates have hit the returns they can earn on their savings, and many have lost their jobs.

The report, which was based on analysis of economic data carried out by the centre for economics and business research, and a survey of 10,000 over-50s, found that unemployment rates for those aged over 50 had increased by 69 per cent since before the recession first struck. Long-term unemployment has also hit the over-50s hardest, with 43 per cent of this age group having been out of work for more than a year.