Nine in ten UK pensioners<\/strong> now rely on personal savings for day-to-day expenses, with nearly a quarter dipping in monthly. A new report suggests rising costs are forcing older generations into long-term financial vulnerability.<\/p>\n\n\n\n
Rising inflation, global economic pressures, and stagnant incomes are pushing many older Britons into an increasingly precarious financial position. A new survey has revealed that the vast majority of over-65s<\/strong> are drawing on personal savings to cope with basic living costs.<\/p>\n\n\n\n
According to data from idealo.co.uk<\/em>, the trend is placing millions of retirees at risk of depleting their retirement funds, with knock-on effects that could extend to younger generations and the broader economy.<\/p>\n\n\n\n
More than 90 percent of people aged 65 and over in the UK are now depending on their personal savings to cover day-to-day essentials, according to a national price awareness survey by idealo.co.uk<\/em>. The data highlights that nearly one in four<\/strong> older adults are withdrawing from their savings every month in order to remain financially afloat.<\/p>\n\n\n\n
The findings show that this reliance is not just occasional but has become a routine aspect of household budgeting for many. In fact, 39 percent<\/strong> of those surveyed said they are struggling to afford basic bills such as energy <\/a>and food, with 33 percent checking their bank accounts daily due to concerns about financial security.<\/p>\n\n\n\n
\u201cThe long-term risks are deeply concerning,\u201d said Katy Phillips<\/strong><\/a>, senior brand and communications manager at idealo.co.uk<\/em>. \u201cRegularly drawing from savings could mean less money to rely on in retirement.\u201d<\/p>\n\n\n\n
The situation is being exacerbated by global economic shifts, notably the new tariff <\/a>regime introduced by Donald Trump, which is contributing to higher import costs and inflationary pressure on UK households. According to the survey, 69 percent<\/strong> of respondents feel that \u201ceverything is getting more expensive.\u201d<\/p>\n\n\n\n