Elderly unfairly feeling effects of austerity
NEW figures suggest that the financial crisis is now hurting the over-50s after a long period when many elderly people seemed immune to the country's problems. The evidence comes from a monthly survey of saving habits conducted by the Economic and Social Research Institute and Nationwide UK which shows saving among the over-50s is declining. This reluctance to squirrel away cash means that the over-50s are following younger citizens who have been saving less and less as the crisis deepens and new taxes and wage cuts eat into their incomes.
While many elderly people have undoubtedly suffered from the day the crisis erupted five years ago, others have been shielded from the effects of the depression by fixed incomes paid by the State or pension funds, deflation and generous government subsidies such as pensions and free travel.
Now it seems that recent tax hikes for those on large pensions as well as a de facto clampdown on medical cards and other benefits is hurting those in their declining years.