News & Recent Developments

Price Rises Cost Over 55s £30 More per Month on Average

Age UK Enterprises, the commercial arm of Age UK, have said that since January 2008, persons aged over 55 have, on average, experienced price rises of 5% above inflation. This equates to an additional cost of £907 since January 2008.

The Silver RPI is the most complete measure of cost increases in later life, using information from the Living Costs and Food Survey (LCF) to re-weight the 78 items that make up the official RPI index, and also to better reflect the spending patterns of over 55s.

Age UK publishes the Silver RPI to coincide with the Bank of England's RPI report. The Silver RPI for February 2010 not only shows that there is a gap between the inflation experienced by over 55s relative to the inflation experienced by under 55s, but that the gap is actually rising.

This increase in the gap was attributable to a fall in mortgage costs for under 55s, who on average have higher mortgage payments than over 55s, and an increase in food and energy costs which accounts for a higher proportion of monthly spend for over 55s.

If you are struggling to make ends meet, and you are aged over 55, then why not consider an equity release scheme.

Anyone who wishes to speak to a financial advisor to discuss equity release can complete the quick enquiry form opposite, and we will arrange for a qualified equity release professional to ring you back to discuss your needs.