New research that has just been carried out has revealed that millions of over-50s are worried that they will need to put their homes back on the market so that they will be able to cope with the increasing living and household costs.
These rise in costs are hitting the older generation the hardest since the products and services they purchase are exposed to higher rises due to inflation.
Fear of price increases
The fear that they have is that everything from energy to petrol to food is increasing in price at rate that far exceeds what many realise for their incomes, and they feel that their financial budgets will become so tight it will naturally lead them to the point of selling up.
Another factor many overlook is the help older family members are providing the younger generation, especially financial help since the economy, financial market and job market all tell a very negative story at present.
“People are being forced to do things that they would have never considered doing before” said Dr Ros Altmann, director general of Saga.
This has all been backed up by figures discovered in a survey by HomeLet, which found a 30% increase in the number of homeowners aged between 66 and70 who sold their houses and became tenants.
Grandparents going without
Nobody is willing to shoulder the blame for the state of the housing market or the cost of living, with Sir Mervyn King from the Bank of England saying that the blame lies with the energy companies who have increased prices to record levels.
The report by Saga concluded that there is increasing pressure suffered by millions of grandparents from going without just to support their children and grandchildren.