One in five older people are skipping meals due to the cost-of-living crisis, according to a new report. Research from My Pension Expert says that 20% of Brits aged 40 and over have skipped meals to save money with two-thirds (66%) not turning on their heating despite temperatures dropping in recent weeks.
The survey of more than 2,000 adults aged 40 and above revealed that 45% of older people believe the financial crisis has negatively impacted their retirement strategy, with over a quarter (26%) having lost confidence in their pension scheme. More than a third (36%) of those planning for retirement think the government will be unable to stabilise the pensions market despite Prime Minister Rishi Sunak and Chancellor Jeremy Hunt’s attempts to restore faith in the UK economy, with just 18% having confidence in the government’s plans.
Rising energy bills were listed as the greatest financial concern (72%) with the majority of those surveyed already implementing a range of cost-cutting measures.
Andrew Megson, CEO of My Pension Expert said: “Inflation is at record levels and expected to remain in double figures for the foreseeable future. Adding increased interest rates and constant chaos in Westminster, people are understandably desperate for reassurances. It is little wonder that public confidence has plummeted.
“As winter approaches, people are understandably concerned about their immediate and future finances. So, the government must prioritise outlining a clear plan to support retirees and pension planners to understand their financial situation. That would mark a powerful statement that the government is putting savers first and even begin to reinstate some public confidence.”
The survey asked: “Which of the following things, if any, have you done or considered doing to address the cost-of-living crisis?”
- Avoided turning on the heating - 66%
- Taken fewer showers or baths - 38%
- Cancelled subscriptions - 30%
- Stopped donating to charity - 27%
- Cancelled holidays - 25%
- Skipped meals - 20%
- Paused pension contributions - 6%
- Moved to a smaller or cheaper property - 3%
Censuswide surveyed a sample of 2,077 UK adults aged 40 and above from November 2-7 2022. Results were weighted to reflect a nationally representative criteria.
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