- Wednesday, 8 July 2009Retired people are seeing the cost of living rise far quicker than the rest of the population demographic, according to MGM Advantage.
From 2002/03 to 2007, the cost of living for those aged between 65 and 74 rose by 22.49 per cent and by 25.18 per cent for those aged 75 and over.
An increase of such magnitude will inevitably put a great deal of strain on the finances of people that are often totally dependent on their pensions.
Aston Goodey, sales and marketing director at MGM Advantage, said: "The cost of living is rising and unfortunately retired households are having to face up to higher than average increases."
"This … means more pressure is being placed on retirement income."
MGM Advantage's findings follow recent news that the number of bankrupt pensioners has increased by a dramatic 160 per cent in the last five years.
Pensioners who find themselves in financial trouble as a result of carrying debt burdens into retirement and coping with the increase in the cost of living, might find entering into an
individual voluntary agreement a preferable alternative.
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