Over 50s are struggling with rising food and energy costs as food inflation hits a five month high - London Business News | Londonlovesbusiness.com

UK food inflation has reached a five-month high, significantly affecting older households in London. Data from SunLife shows that 54% of over 50s are spending more on groceries, with rising energy costs impacting 68% of this demographic. Many have reduced expenditures in areas like dining out (52%), hobbies (23%), and personal care (33%). This financial strain has also led to decreased charity donations and gifts for family. Most (56%) regard rising bills as their top financial concern, highlighting a worrying trend of sacrificing essential personal expenses for basic needs.

According to our research, most over 50s have had to spend more on essentials like food, energy costs and transport, meaning there is less left for personal expenses.

Rising costs have forced over 50s to cut back on their usual generosity - 36% have spent less on charity donations while 24% have had to cut back on gifts for their kids and grandkids.

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