Millions are known to be living in poverty
New research has found that the cost-of-living crisis is causing many over 65s to turn to loans and credit cards to make ends meet as they keep their financial worries from their family.
Research by Independent Age has found that more than one in ten (14%) people over 65 are using loans to survive, as the cost of bills, food and fuel remain at their highest levels for a decade. With many pensioners on a fixed income, more than half (58%) agree to being concerned about their financial stability in the year ahead.
The charity, which supports older people facing financial hardship, is concerned that financial pressure could lead to isolation, with 15% feeling isolated due to their financial well-being. There’s also a communication barrier, as 85% of over 65s claim they wouldn’t feel comfortable asking friends or family for financial support, and one in ten (9%) are hiding debt from their family.
Ari spoke to Fran McSweeney, head of national services at Independent Age.
Photo by Colin Watts on Unsplash
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