Over-50s 'suffering most from inflation'

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Over-50s 'suffering most from inflation'

The over-50s age group are presently suffering the most from high levels of inflation in the UK, new data has revealed.

According to research carried out by Saga, since the failure of Northern Rock back in 2007 and the onset of the global economic downturn, over-50s in the UK have seen cumulative annual inflation of 20 per cent, while for the population as a whole this figure is actually closer to 15 per cent.

As a result, it is the older generation who are facing the greatest pressure on their finances, with rising energy prices, increases in fuel bills and on their outgoings in general causing difficulties.

Dr Ros Altmann, director general of over-50s specialists at Saga, said: "These figures show just how damaging inflation is for older people ... it is imperative that prices continue to drop and that people shop around for the best deals they can."

The news follows data from Prudential, which showed the expected annual income for those retiring in 2012 stands at £15,500 - 16 per cent less than levels seen in 2008 and six per cent down on last year.

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