More than half of people aged over 60 are finding it harder to manage their outgoings compared to a year ago, new research has found.

Age UK, the leading British charity, has found that 55% of over 60s are finding it harder than last year to keep on top of their finances.

Despite CPI inflation dropping slightly last month, it still remains way above the government’s target and is still making life tough for many people.

And it is the older generation who are often affected the most; with things like energy costs meaning that RPI inflation for the over 50s is still around 5.5%.

“Living costs have risen somewhat less fast in December but today’s inflation figures are nothing to celebrate,” said Dr Ros Altmann, Director General of Saga. 

“Inflation remains over double the Government’s 2% target and older people are suffering worse than anyone.”

Research by Age UK has revealed that nearly one in ten people over 60 are struggling to get by on their income.

As the economic downturn continues to take its toll on people’s bank accounts, the majority of over 60s surveyed said they were cutting back as much as possible.

Age UK estimates that as many as 4.5 million people over 60 can only afford to buy the basics they need to get by.

“Living on a low income is hard work. Currently there are 1.8million people in later life living in poverty but our polling suggests that many above the official poverty line are finding life hard,” said Michelle Mitchell, Charity Director of Age UK.

“Older people tend to show a great deal of resilience in managing their money and eke out their income but this new report demonstrates exactly how emotionally draining it is on for older people to constantly survive on a lower income.”

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