Cost of living ‘rising for retired’
Retired people are currently paying more than the national average when it comes to the cost of living, it has been reported.
New research from Prudential has claimed that pensioners between the ages of 65 and 74 are spending around nine per cent extra on items such as food and utility bills, compared to the national average of four per cent.
It added that the price of groceries has contributed to this, while it may also have been affected by a three per cent income growth.
And older households "see a greater share of their expenditure" go on the cost of living, commented Gary Shaughnessy, managing director of Prudential Retail Life & Pensions.
"This, coupled with the fact that life expectancy has increased, is putting much greater pressure on income in retirement."
Gordon Brown axed pension terms assurance as part of his 11th and final Budget earlier this year, a move which may see some low-income households struggle.
© Adfero LtdYou can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.