Britons aged between 50 and 60 are the age group that has suffered the most since the UK has been rocked by financial issues. The current state of 'Austerity Britain' is also expected to cost British families around £2,500 worse off this year.
Online company learndirect.com have investigated how households are coping with the wave of austerity measures that have swept through the United Kingdom. They discovered that UK households feel more fragile than ever before, and they themselves are aware of dwindling funds every week.
Cris Brawn, of Learndirect, said: "Everyday we are hearing more news about inflation and interest rates going up, jobs being cut and mortgages costing more, so it more vital than ever that we know how to manage our money."
Another survey, published by the Saga group, shows that life in the UK has taken a downturn for people in that age group, with quality of life and financial well being taking a hit. The report was compiled by interviews of 13,000 people and also official statistics from the Office for National Statistics.
The respondents of the survey were given a number of questions regarding general happiness, financial and physical wellbeing and more. The were asked to give a score for now compared with a score for a year ago. For the over 50 group the average score was a shockingly low -10, which signifies a strong decline.
Recently, inflation was announced to have seen a rise, and that is another factor that has been cited as leaving families short of cash. The Governments inflation calculator, the Consumer Prices Index, suggests that inflation increased by around four percent, which can be attributed to the VAT increase and also to rising oil prices.
Inflation rises inevitably have a strong impact on the country's citizens, and people of all ages, from employees to families to retirees, feel the effects of its blow.
The director of Saga, Ros Altmans, said: “Inflation has really hit those who have yet to retire. They tend to still drive a lot, they still need to heat their homes, and they may still have a mortgage. This age group has also been badly affected by unemployment.”