Inflations fears for UK pensioners

With over-50s in the UK already dealing with debt management concerns, research by Hartford Life found that three in five people in this age bracket have not taken steps to protect themselves from rising costs of living.

The recent study also found that 90 per cent of prospective retirees are concerned about how inflation will affect their finances when they stop working.

“Inflation is clearly a concern for UK consumers, but the lack of action is worrying, especially when we consider that recent studies show us that inflation is affecting retirees more than any other group,” said Michael Kalen, chief executive for Hartford Life.

A report from Scottish Widows discovered last month that close to a quarter (24 per cent) of British adults are not saving any money at all to ensure their financial security during retirement.