Over-55s 'hit by lower incomes and rising prices' - 21/09/2011
People aged over 55 might be at risk of struggling to pay their bills unless they switch gas tariff or move to different energy suppliers.
According to Aviva's latest Real Retirement Report, over-55s now have a typical monthly income of £1,216, which is the lowest since February 2010, while almost one in four (23 per cent) eke out a living on less than £750 a month.
This could make it harder for those coming up to retirement to pay their fuel bills, particularly as this winter is predicted to be long and cold and all six of the major energy suppliers have hiked their prices.
Clive Bolton, at-retirement director at the insurance group, commented: "The over-55s have seen their finances deteriorate over the last quarter as people struggle to keep up with the rising cost of living on a relatively fixed income.
"That almost a quarter of this age group have less than £500 in savings and 40 per cent save nothing each month is a clear indication that this age group is struggling financially," he added.
Meanwhile, energy secretary Chris Huhne has pledged more government help for those classified as living in fuel poverty.
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