‘Inflation bites for elderly Brits’

Research by the financial services firm found that while the headline inflation rate was 2.4 per cent during June of this year, the figure for households headed by people aged over 75 is significantly higher.

And with British adults of all ages dealing with debt management difficulties, the Alliance Trust insists that elderly consumers typically face inflation pressures 29 per cent more significant than the typical UK resident.

Shona Dobbie, head of the Alliance Trust Research Centre, said: “The impact of higher prices for basic goods and services, such as heating and food, almost always falls most heavily on the elderly and those on low incomes, as these households spend a larger proportion of their budgets on these necessities.”

A report from the Consumer Credit Counselling Service warned earlier this year that the burden of debt management in the UK is shifting towards older consumers across the country.