It’s the over-60s which are feeling a severe cost of living squeeze.
So says new research which found that nearly a third of over-60s are borrowing, cutting back on essentials and selling prized possessions in order to make ends meet.
What’s more, one in eight over-60s admit to having to cut back on heating their home. More worryingly, one in ten are trying to save cash by eating less.
The research also shows that 15% have sold possessions to raise urgently needed cash and some 6000,000 have less than £50 a week available to fund emergencies.
The research was commissioned by property experts Homewise. The figures also revealed that despite the rise in average pensioner incomes, there are growing financial pressures on people in the run up to retirement.
Managing Director at Homewise Mark Neal said: “The rise in average pensioner incomes is very welcome but it does not tell the whole story and the sacrifices that many have to make in order to get by.
“Far too many people in retirement are stuck in debt, living in unsuitable housing and having to scrimp and save.
“We believe that the Home for Life Plan can help by enabling over-60s to move to a new home under a lifetime lease and release money to not only clear any debts but also allow those in retirement to live happily.”