Inability to pay the household bills – fear of the over-50s

Just when you reach that time of life, as a person in the UK  over the age of 50,you may find that instead of being able to look forward to a gentle ease into retirement looking to your own self needs and relaxation,you are facing the anxiety of having no other course but to sell your home to make ends meet. According to a SAGA report published recently, this frightening prospect is likely to be a reality for millions of over-50s. Inflation and the rock bottom savings interest rates are heavily to blame.

SAGA believe  that one in five worry that they will be forced  to ‘downsize’ by selling a family home to ensure enough cash is generated to pay soaring household bills. Furthermore, many over-50s are faced with trying to support their grown-up children, and their children, for example with help to pay mortgages, university fees,contribute  towards their children’s family holidays, and often basic weekly food bills. Non-essential expenditure is being reduced. Grandparents, it is said, are ‘going without’ because of  mounting pressure in these difficult economic times ‘ to support the younger generation.’

You can read more about the over-50s who are ‘sacrificing their own happiness’ in this  Daily Mail report

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