Older UK renters forced to cut back on spending as living costs soar
Almost two-thirds of tenants over 65 have cut back on their general spending as a result of the cost of living crisis, and campaigners are warning that older people who do not own their homes are particularly vulnerable to rising bills.Research shared with Guardian Money by the charity Independent Age puts the spotlight on the struggles of older tenants who are battling to keep up with rising household costs.Its survey found that 62% of renters over 65 were having to cut back on their general spending, and that they were more likely to be doing so than their contemporaries who were homeowners.A quarter said they would not be able to afford a £10-a-month increase in their living costs, while 71% said they would not be able to cover a £50 rise.
More than half said they felt anxious about their finances.The state pension increased by 3.1% last month – well below the 7% inflation rate recorded in March.
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