Debt worries for retired couples as cost of living increases

Retired couples could face debt troubles as the cost of living has dramatically increased, a study suggests.

Research carried out by MGM Advantage has shown that people aged between 65 and 74 would have to locate an extra £774.70 a year to maintain the quality of life they enjoyed 12 months previously.

The escalated figures have been put down to inflation, with the amount needed for those over 75 estimated at £383.91 and the average for all households calculated at £1,222.66.

Aston Goodey, sales and marketing director at MGM Advantage, proposed that extra product options were required for those leaving work.

He said: “More needs to be done across the industry to improve the choice for people at retirement.”

In February, it was disclosed by BeGrand.net that grandparents were denying themselves creature comforts in order to finance their grandchildren’s upkeep – spending their pensions on items such as toys, school uniforms and shoes.

By Joe Shervin