Pensioners suffering from inflation

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Pensioners suffering from inflation

Tue 13th Dec 2011

Older Brits in particular are suffering at present as inflation continues to erode their income and savings.

According to research carried out by Saga, the spending power of this group has fallen by more than 20 per cent since the onset of the recession and this situation is being compounded by ongoing high levels of inflation.

It noted that since the collapse of Northern Rock back in September 2007, over-50s have suffered a cumulative inflation rate of 20 per cent.

Saga boss Dr Ros Altmann commented: "These inflation figures are still dreadful and of course still well above the Bank of England's two per cent inflation target."

Dr Altmann added these figures are certainly nothing to celebrate at a difficult time of year for many older people.

Data compiled by MGM Advantage also recently revealed that almost half (47 per cent) of individuals aged over 55 in the UK claim a lack of funds for retirement is their number one concern at the moment.

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