Pensioners Facing Rising Cost of Living

Rising inflation has hit Britain's pensioners hard, a new study from Clerical Medical has shown.

According to the firm, over-65s have seen a rise of 36 per cent in the cost of goods and services over the past decade. Housing costs were found to have been subject to a particularly high rise (69 per cent) over the period, while alcohol and tobacco also increased by 45 per cent and council tax has risen by 89 per cent.

By way of comparison, the government's own Retail Price Index - a general measure of price rises - has gone up by just 32 per cent.

Martin Ellis, chief economist of Clerical Medical, said: "The average cost of living facing pensioners has risen by more than one-third over the past decade. The cost of living for pensioners has increased by more than that for all households during the period, particularly in the last five years."

He added: "Higher housing costs have been the key factor behind rising living expenses, accounting for a quarter of the total average weekly expenditure of a typical pensioner household."

Overall, Clerical Medical found that pensioners are currently spending an average of £63.65 per week on housing - equivalent to around one quarter of total expenditure.