One in five people between the ages of 50 to 69 and one in twelve over the age of 70 in Great Britain have had to borrow more money or use more credit than usual in the past month compared to a year ago, according to a new report published today by Age UK.
The study reveals that millions of older people are struggling to pay their bills and keep their heads above water, prompting fears of further financial strain in the forthcoming winter months.
As per Age UK’s latest research, 70% of its older campaigners express grave concern about their financial situation or that of a loved one, primarily due to escalating energy bills.
A 65-year-old disabled man disclosed to Age UK, “I’m chronically disabled and have very little by way of savings, but I have had to spend most of what little I have to keep me warm this past year. I can probably only manage one more winter without freezing in my own home.”
The report throws light on the national crisis with Office for National Statistics (ONS) data revealing that nearly half of people aged over 50 in Great Britain are struggling to afford their energy bills, and a quarter of these individuals cannot afford an unexpected but necessary expense of £850.
Age UK’s research also uncovers the hard-hitting reality for those who are just above the Pension Credit threshold. They often end up with less to spend, a situation they perceive as extremely unfair.
A 63-year-old woman shared her plight: “I am £1500 in debt with my energy bills, and I cannot see a way out of it. My arthritis and polymyalgia are getting worse, plus my mental health has deteriorated as I’m constantly worried about how I’m going to pay my bills. We have reached a point where we don’t have enough money left for food.”
As the Government gears up to consult on an energy social tariff before the summer end, Age UK is urging the authorities to ensure a commitment to a targeted discount energy deal and make it work for all who are struggling.
The charity’s report also underlines that if the social tariff eligibility criteria are based solely on access to the benefits system, then about 2.7 million households on the lowest fifth of incomes will miss out.
“It’s true that we’re not hearing as much about it at the moment because far less energy is used through the summer, but the fact is that some older people are still struggling to pay their energy bills from last winter and many more don’t know how they will cope in a few months’ time when the temperatures fall once again,” said Caroline Abrahams, charity director at Age UK.
