The latest Saga Q2 report claims living standards of over 50s in Britain have dropped considerably, hampering the quality of life in the past three months.
The report found that 47 percent of over 50s population buy less takeaway food while 41 percent eat out less. Another 40 percent said they use the car less frequently to cut discretionary spending.
More than half of the over 50s are concerned over the cost of living, with 56 percent saying it to be their biggest concern.
The considerable drop in discretionary spending can have wider ramifications for the whole economy with less demand and lesser job creation, warned director general at Saga, Dr Ros Altman.
The report curiously found that the only people whose life has improved are those in their late 60s. Saga attributed this to more people over 65 years staying on jobs thus earning additional incomes.
The worst affected are the people from the lower strata of the society and the difference in quality of life between the rich and poor just widened since last quarter, the report found.
“It is often assumed that older people have fewer problems than the younger ones, yet our report highlights a continued struggle, especially for those in their 50s and those from lower socio-economic groups that have witnessed another rapid decline in their standard of living since January”, said Dr Altman.
“With standards of living continuing to fall, it is essential that the government take serious note of the quality of life for this important and growing generation, as their financial struggles will impact on the country as a whole and weaken economic growth in coming quarters”, he said on a cautious note.