Over 65's are turning to loans and credit cards because of cost-of-living crisis

A study shows some people aged 65 and over are hiding debt from their family.

Author: Josh BarnesPublished 23rd Jun 2023
Last updated 23rd Jun 2023

The cost-of-living crisis has squeezed the UK over the past 18-months, and new research shows that this is also affecting some over 65's.

In a survey carried out by The Independent Age charity, more than half of people aged 65+ said they would not feel comfortable asking their friends or family for financial support.

The survey by The Independent Age charity also found:

  • 17% feel isolated due to their financial situation
  • 14% have turned to credit cards or loans to 'make ends meet'
  • 9% said they hid debt from their family

However Matt Fellows from Age UK Gloucestershire told us that lots of benefits are going unclaimed.

He said, "thousands of older people who receive a state pension, who are eligible for things like pension credit but are not claiming those."

Anyone who is struggling financially is being urged to ask for help from organisations like Age UK.

Matt fellows said the reason for the struggles include "food inflation and the cost of energy not coming down."

"None of us planned for those things because we did not see them coming on the horizon."

People are being urged to check their benefit entitlement.

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