Inflation is the biggest worry for older Britons

INFLATION is responsible for damaging the quality of life of middle-aged and elderly Britons, and particularly those on lower incomes, a survey revealed today.

More than half of people over 50 are increasingly worried about the cost of living, listing it as their main concern.

Fears over price pressures even dwarf concerns about health or levels of crime, the survey by Saga revealed.

Almost two thirds (63 per cent) of respondents want the Bank of England to begin normalising interest rates to tackle rising prices.

Rates have been held at historically low levels while inflation has spiralled to over twice its target rate.

“Our report highlights a continued struggle, especially for those in their 50s and those from lower socio-economic groups that have witnessed another rapid decline in their standard of living since January,” said Saga’s Dr Ros Altmann.

The gap in wellbeing between the highest and lowest socio-economic groups over 50 has also widened since the beginning of the year, the report found. People aged 50-64 are more likely to have been unemployed for over a year, compared with average rates.