‘Nothing coming in!’ Woman, 65, shares struggle as cost of living crisis destroys savings

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‘Nothing coming in!’ Woman, 65, shares struggle as cost of living crisis destroys savings

Rising prices can be particularly tough especially on the older generation who typically have a lower income to rely on. Kathryn Rider, a 65-year-o

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Rising prices can be particularly tough especially on the older generation who typically have a lower income to rely on. Kathryn Rider, a 65-year-old from Birmingham recently took early retirement only to find out her husband had lost his job.

Kathryn’s husband is not alone – many older workers feel forced into retiring early when they lose their jobs later in life.

In fact, there has been an increase in inactivity amongst older age groups in most regions over the last few years.

Clare Lombardelli, Chief Economic Advisor at the Treasury, said this could have major implications for the economy.

She said: “Economic inactivity can be damaging to individuals, risking lower living standards, lower retirement income, and potentially poorer physical and mental health.”

READ MORE: State pension warning: More than one million more pensioners will pay

Among the 177,000 over 50s made redundant every year, 20,000 are estimated to have left the workforce altogether.

The Centre for Ageing Better welcomed the DWP launch which they said would help older people who typically face more challenges than their younger counterparts.

Carole Easton, Chief Executive at the Centre for Ageing Better, said:  “Seeing DWP continue to recognise the importance of a bespoke approach to older workers is really welcome.

“We know that older workers face unique challenges, such as ageism in the workplace and a possible gap in skills compared to some of their younger counterparts, so we will gladly support any tailored action that begins to chip away at these significant roadblocks standing in the way of older people accessing fulfilling work.”



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