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Older adults faced with higher cost of living than general population

Older adults faced with higher cost of living than general population
14th November 2011

Over 55s have experienced a rise in living costs higher than that of the general population, according to new research.

Older adults have seen an 18 per cent rise in the cost of living since 2008, according to Age UK - almost five per cent more than the rest of UK.

The new data means that over 55s are an average of £978 a year worse off than official statistics claim.

Gordon Morris, managing director of Age UK Enterprises, stated: "At a time when the value of annuities is in free fall and savings generate little or no income, it is extremely worrying that those over 55 have seen the additional annual costs they face increase by six per cent in just one year."

There is also a fear that older adults across the UK will be facing fuel poverty this winter, due to the rate of inflation and increasing fuel prices.

Government and industry initiatives are hoped to go some way to combat the problem, but many over 55s will be left without adequate heating and must deal with the associated health problems that this will create.

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