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.
Pensioners ‘struggling to save’