More than two in five UK adults aged 55–64 are “struggling financially” or “up to their neck in debt” amid the cost-of-living crisis, research from Aviva has uncovered.
After polling more than 1,000 adults aged 55 and over, the researchers found that 43% of the 55–64 age group were struggling financially, compared with an average of 35%.
Respondents needed to increase their income by £257 a month, on average, to feel more comfortable financially, rising to £310 among those aged 55–64.
The findings come after UK inflation jumped to 10.1% in July – the first double-digit annual increase recorded in more than four decades.
“Those aged 55-64 years old, who are often considered to be the ‘sandwich generation’ as they support their elderly parents and their grown-up children, are also the ones who tell us they are struggling most, financially,” commented Alistair McQueen, head of savings and retirement at Aviva.
“Unfortunately, no one can completely shelter from the impacts of rising inflation at the moment, but those taking steps to boost and stretch their income can help make their money work as hard as possible for them.”
The survey found that 75% of those who said they were struggling financially are taking measures to improve their financial situation by trying to boost their income, or making their money go further.
Selling unwanted and unneeded items in places such as car boot sales or online marketplaces was cited by 24%, while 19% said they get paid to test products and do market research, and 8% have had to delay their retirement or work past retirement age.
Furthermore, 55% of the over-55s surveyed always shop around for best deals, and 46% use loyalty schemes and bonus programmes to save points or to find offers, discounts, vouchers and other money saving perks.
Around a third shop for ‘yellow sticker’ reduced food on a regular basis, and 28% have cancelled unused or underused subscriptions.
“It’s a worrying picture, but it’s encouraging to hear that people are taking matters into their own hands to enhance and protect the money they have,” McQueen added.