The cost of living for people aged 65 and over is rising faster than the national average, warns Prudential.
An analysis of household expenditure between 2002 and 2006 reveals that on average, annual expenditure in households where the main occupant is aged 65–74 has increased by around 9% compared to a 4% national average. The increase is 10% for households where the main occupant is aged 75 and over. The average household spends 10% of its annual income on food and non-alcoholic drink, compared to 15% for households where the main occupants are aged 75 and over, and 13% for those aged 65-74. Pensioner income is only growing by around 3% a year despite this. The average cost of living for pen...
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