Survey reveals that older people are turning to credit to make ends meet due to the cost of living crisis
September 2023 - Financial Services
The research polled 2,000 people under the age of 65 and 1,002 aged 65 and over to understand more about how people are coping as costs continue to soar.
It found that one in seven people in the 65+ bracket have turned to loans and credit cards, with 16% saying they feel 'isolated' because of their financial outlook.
Almost six in 10 people over 65 said they would not feel comfortable asking friends of family to help them financially, with the top barrier to doing so cited as ‘pride'. Almost one in 10 of the respondents polled said they were hiding any debt they had amassed from their loved ones, with 13% stating they have spent money they do not have rather than confiding in family or friends about their financial situation.
Supporting Independent Age's campaign to improve the lives of older people, veteran radio DJ and presenter, Tony Blackburn, said: “There’s a misconception that everyone in later life enjoys a financially comfortable retirement. The hidden reality is that more than two million older people in the UK live in poverty.”
The survey also shone a light on people under the age of 65 highlighting that they have fears about what growing old will look like for them. More than two-fifths of respondents (44%) said that financial security is their greatest worry about getting old, which compares to 27% who said loneliness is their most pressing concern.
Charity spokesperson, John Palmer, said: “These findings clearly show why our renewed focus on financial hardship in later life is desperately needed. Every day, we receive harrowing calls from frightened older people who are worried about their finances, but it is clear that many more are struggling alone and relying on credit cards and loans as costs continue to escalate."
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