People over the age of 75 are the worst hit by the current rises in inflation, as their rates went up from 6.3 per cent to 7.0 per cent over August.
Although other groups did not suffer as much, they all saw inflation that was above the official rate of 4.7 per cent, according to an annual study by Alliance Trust.
The elderly spend seven per cent of their household budget on utilities meaning they are among those who are worst affected by the rising gas and electricity prices, which have increased by nearly 28 per cent and 18 per cent respectively.
Shona Dobbie, head of the Alliance Trust Research Centre said these were the "highest levels of inflation" since they had started their six-year study.
"The recent gas and electricity price hikes hit the elderly the hardest because they spend a higher proportion of their household budget on such services," she added.
Last month Fair Investment Company reported that the number of equity release schemes being taken out was on the increase as the elderly look for new ways to fund their retirement.
Visit our loan quote form for a no obligation homeowner loan quote! |
0 comments
