Financial struggles of the elderly highlighted

The Alliance Trust Research Centre claims that rising food and utility prices mean that for those Brits aged over 75 the rate of inflation is effectively running at around four per cent, compared with the overall rate of 2.8 per cent.

Shona Dobbie, head of the Alliance Trust Research Centre remarked: “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.”

And this claim comes after the Consumer Credit Counselling Service warned that it will be elderly UK consumers who will increasingly carry the burden of debt management difficulties.

Meanwhile, the most recent meeting of the Bank of England’s monetary policy committee resulted in further bad news for those looking for a debt solution as the cost of borrowing was increased by a quarter-point to 5.5 per cent.