Pensioners ’struggling to save’
Pensioners are finding it harder to save money as they are hit by rises in the cost of living, a new survey has shown.
One in four people aged over 65 said they were saving less now than they were three months ago, and nearly half claim this is because they can no longer afford to, according to Sainsbury’s Bank.
A fifth of retired people admit they are not saving anything at all on a regular basis, and just 4% claimed they had been able to increase the amount they set aside during the past three months.
Across all age groups, 25% of people are saving less than they were three months ago and only 14% are saving more.
Peter Wood, head of Sainsbury’s savings, said: “Interest rates have been rising, which is good news for savers but with household expenditure also on the rise, the reality is that many people don’t feel that they can afford to save.”
People in the East Midlands and East Anglia are most likely to be saving less than they were three months ago at 36%, while those in Yorkshire and Humberside are the most likely not to be saving anything at 21%.
At the other end of the scale, one in five people in London and Scotland said they increased the amount they were setting aside during the past three months.