UK pensioners are losing £700 each year


OAP charity Age UK has revealed that pensioners in the UK are losing around £700 er year due to increased living costs.

The report states that elderly people suffer more from inflation because their spending is made up more of basic items. Apparently the people affected most by this are those aged between 65 and 69.

These figures were found as a result of the new inflation measure created by Age UK- the Silver RPI. The Silver RPI takes the proportion of income spent by different age groups pn different items and then sees how much those items have risen in price over time.

The managing director of Age UK, Gordon Morris, said: The impact of inflation on over 55s has been substantially underestimated and it worsens as you age, with over 75s experiencing cost rises on average four per cent above official measures. For a typical over 60 year old, it means they are on average more than £620 a year worse off than previously thought.”

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