An increasing number of older people may experience repossessions in the future due to rising inflation.
The latest Consumer Price Index has shown the rate of inflation has now reached 4.5 per cent - meaning average household expenditure every 12 months is likely to be in the region of £35,500.
And MGM Advantage - a retirement income specialist - has noted the climb could hit those over the age of 65 particularly hard.
The group claimed households where the main occupant is aged between 65 and 74 will need to find an additional collective £3.16 billion to maintain the standard of living enjoyed 12 months ago, while £2.47 billion will be required by those aged 75 and above.
Aston Goodey, sales and marketing director at MGM Advantage - established in 1852 - said: "Given the fact that people are living longer with a shrinking retirement income pot, [rising inflation] means further retirement income uncertainty."
Inflation could result in higher repossessions among the elderly
Wed, 14 Sep 2011
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