New research commissioned by the charity Independent Age indicates that one in four older people (24%) had to rely on savings last winter to help cover daily living costs, including higher heating bills and soaring supermarket prices.
The older people’s financial hardship charity said this figure increased to one in three (33%) for those with a household income under £20,000.
As colder weather continues this winter and steeper costs on food and fuel look set to stay for the first part of 2024, the charity is warning that older people’s ability to cope with increased or additional costs this year could be further reduced as they have already dipped into savings pots.
The charity is urging anyone struggling with finances, or worried about coping with higher outgoings, to get in touch to help them check for unclaimed benefits including Pension Credit, Attendance Allowance or Housing Benefit.
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