Many households are struggling during the cost-of-living crisis. People are finding it hard to keep up with rising costs, including everything from a loaf of bread to rent and mortgage rates. It is those that are working that often get the most media attention, but many people that are retired are finding themselves in an extremely difficult position and need to find solutions to manage during this difficult period. So, how have elderly people been affected by the crisis?
The Cost of Living Crisis and Its Effects on Elderly People Affected
1. Reduced Social Care
One of the most notable ways that elderly people are affected is through social care. Social care can be a huge cost, which has resulted in 1 in 10 stopping or reducing their care while as many as 1 in 5 are reducing or stopping spending on medications or specialist food. Obviously, this is dangerous for the individual and worrying for their families, but as part of a larger picture, it will also put much greater strain on the already suffering NHS.
2. Impact on Repayment Plans
The cost-of-living crisis and rising interest rates are also a serious cause for concern for those repaying their mortgages. As many as 30% of over 55s believe that their ability to repay their mortgage will be impacted by the cost-of-living crisis and this could result in around 879,000 people having their plans derailed. 4% believe that they might need to borrow money to offset the rising cost of living in retirement and an equity release mortgage could be a good option for those over 55, by freeing up money tied up in the house.
3. Fuel Poverty
Fuel poverty is another major issue that is impacting everyone and particularly older people. Due to the cost of fuel, many elderly people are finding it harder to get out and about, including grocery shopping and accessing healthcare sector.
4. Heating or Eating
Following on from this, skyrocketing energy costs are a major cause for concern and leading many to have to make difficult decisions. Some households are having to choose between heating or eating, which can have a significant impact on both physical and mental well-being. Seniors, in particular, need to be wary of malnutrition and cold temperatures so this is an issue that is causing a lot of damage to senior citizens. While the worst of winter is behind us, it is still vital that people can enjoy a healthy and balanced diet and maintain a comfortable temperature at home.
As you can see, the cost-of-living crisis is creating an extremely difficult situation for many senior citizens and this is a major cause for concern. Many people are feeling the squeeze right now and this could be having a serious impact on the health and well-being of today’s seniors.