Energy contributes to soaring living costs for the elderly - 08/03/2012
Older people in the UK may be able to benefit from performing an energy comparison in order to switch gas provider, as high energy bills are contributing to high living costs among this group.
Research by LV= revealed everyday expenses for pensioners have climbed by a third since 2000, with total expenditure for the nation's 10.6 million retirees now standing at £96 billion a year.
Almost a tenth of this goes towards essential utilities such as water, gas and electricity, the organisation found, while total housing costs have risen by 42 per cent in the last 12 years.
Head of annuities at LV= Matt Trott said: "Low interest rates and rising inflation has hit pensioners hard with the cost of living dramatically rising since 2000, resulting in pensioners having to significantly increase what they spend."
Earlier this week, research by Santander claimed the typical family spends 40 per cent of its monthly income on essential bills such as energy.
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