One in five older people are now being forced to borrow in order to pay their bills, as rising costs continue to push families to the brink.
More than 3.4 million people between the ages of 50 and 69 had to take out a loan or use more credit than usual over the past month compared with a year ago, a new report finds.
An estimated 1.3 million over-50s had a direct debit, standing order, or bill they were not able to pay, research by charity Age UK reveals.
Soaring mortgage costs coupled with stubbornly high inflation mean millions more are now unable to make ends meet, as the cost-of-living crisis shows no signs of abating.
Prices rose by 8.7 per cent in the year to May while mortgage costs could rise by an average of £2,900 a year for 800,000 people, according to think-tank the Resolution Foundation.
On the brink: More than 3.4 million people between the ages of 50 and 69 had to take out a loan or use more credit than usual over the past month
As living expenses continue to rise, more than 16.9 million people aged 50 and over saw their cost of living rise compared with just one month ago, Age UK finds.
Nearly half of all people over the age of 50 have cut the amount they spend on food and other essentials to stay afloat.
Energy bills have continued to be a major stumbling point, pushing many older households over the edge, the charity warns.
Caroline Abrahams, of Age UK, says the energy bill crisis is ‘far from over’.
She says: ‘Some older people are still struggling to pay their energy bills from last winter and many more don’t know how they will cope in a few months’ time, when the temperatures fall once again.’
Older people tend to spend a larger share of their income on heating as they are more likely to live in energy-inefficient homes and need to keep warm for more hours in the day.
The charity has called for the Government to deliver more support over the coming winter for those who need it the most.
Ms Abrahams says: ‘We need a permanent solution to the energy bill crisis — one that provides older people with the reassurance that they will never face that “heat or eat” dilemma again.
‘If the Government does not provide urgent financial support, many older people will face unacceptable levels of hardship this winter.’
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