OAPs fear being forced into selling home to survive

18/08/2011

As the cost of living is steadily rising millions of panic stricken elderly fear they will have to sell their home to survive.

A report from Saga found that one in five worries that they may have to downsize in order to keep up with the cost of living and increasing bills.

Dr Ros Altmann, director general of Saga said: “People are being forced to do things that they would have never considered doing before.

“It is impacting on their quality of life. Selling their home is not what they would have expected or wanted to do.”

They fear that the rising price of everything from domestic energy to petrol and food, as well as higher taxes and rock-bottom savings rates will squeeze them to the point where they will have to sell up.

They also admit they are being squeezed from other areas such as handing out money to cash strapped children and grandchildren.

Another survey has also revealed the number of pensioners aged between 66 and 70 that have sold their house and are now paying rent rose by 30 per cent last year.

This is hardly surprising when you consider that inflation, currently as 4.2, is predicted to rise to 5 per cent according to Sir Mervyn King, governor of the Bank of England, and British Gas customers will see bills rise by 18 per cent when its latest increases come into effect.

Grandparents say they often ‘go without’ to support the younger generation of their family, according to Saga – which polled 11,650 over-50s.

More than one in five said they are so short of cash that they are cutting back on ‘essential spending’, such as heating and food.

While nearly 70 per cent said they are reducing ‘non-essential spending’, such as trips to the pictures, dinner out and clothes shopping.

Tags; Housing Debt and Bills, Current UK Economy, Income Worries and Debt, Retirement Money Problems,

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