As UK food inflation hits a five-month high, new data from over 50s experts SunLife reveals the true impact rising costs are having on older households. According to SunLife’s annual Life Well Spent report – a study of more than 2,000 adults aged 50 and over – 61% are spending more on the weekly shop than a year ago.
Rising energy costs are also having an impact – 71% of respondents say more of their budgets are being taken up with gas, electricity and water bills, while 42% are paying out more on fuel and transport costs.
The knock-on effect of these rises is that almost half (44%) say they have had to cut back on eating out and takeaways, four in ten (38%) have had to cut back on their hobbies, and more than a quarter (28%) have curbed spending on the gym and sports clubs.
Personal spending has also been cut back, as over 50s try and balance increases in food, transport and energy costs, with 34% spending less on clothes – rising to 40% of women – and 38% spending less on hairdressing, barbers and beauty treatments.
Rising costs have also forced over 50s to cut back on their usual generosity – 31% have spent less on charity donations while 20% have had to cut back on gifts for their kids and grandkids.
As a result, the vast majority of over 50s (63%) say further rises to energy bills, food, and fuel is their biggest financial concern – far outweighing concerns about pension values (26%) or outstanding debt (18%).
Mark Screeton, CEO at SunLife said: “According to our research, most over 50s have had to spend more on essentials like food, energy costs and transport, meaning there is less left for personal expenses.
“And while arguably, some of these expenses are luxuries – such as eating out and takeaways – others are vital for good mental and physical health, such as hobbies and fitness – so it is worrying that so many people are having to make such big sacrifices.”
