Across the UK, many older people are dipping into their life savings just to keep the lights on and food on the table.
As prices continue to climb and new global tariffs drive up costs, the financial pressure on Britain’s baby boomers is intensifying.
More than 90 per cent of people aged 65 and over are now relying on their savings to cover everyday living expenses, new research from price comparison site idealo.co.uk has shown.
Nearly one in four are dipping into those savings every month just to stay afloat.
Katy Phillips, senior brand and communications manager at idealo.co.uk, told GBNews: "Baby boomers are facing more financial pressure than ever as the cost of living crisis deepens.
"Our data shows that 39 per cent are struggling to afford their bills, largely driven by rising costs across energy, food and other everyday essentials."
90% of baby boomers relying on savings to cover everyday costs
GETTYAccording to idealo's new national price awareness survey, 39 per cent of over-65s say they’re struggling to afford their bills, while 33 per cent check their bank accounts daily, fearful for their financial security.
More than one in five are now relying on savings every month to cover their basic costs, and 93 per cent say they need those savings to support their living expenses.
The warning comes as Donald Trump’s new tariff regime begins to send shockwaves through the global economy, adding to inflationary pressures already being felt across UK households.
Phillips said: "Sixty-nine per cent of over-65s told us they feel everything is getting more expensive, and this is only set to worsen with the ripple effects of Trump’s tariffs."
More than one in five are now relying on savings every month to cover their basic costs
GETTYWith costs rising, many older people are being forced to make difficult choices. One in eight said they have no money left for non-essentials after covering bills and food, and nearly half (49 per cent) have already cut back on clothing and other extras.
More than a quarter (26 per cent) are buying less food at the supermarket, and 12 per cent said they would reduce their food spend even further if things get worse.
Phillips continued: "The long-term risks are deeply concerning. Regularly drawing from savings could mean less money to rely on in retirement, and 29 per cent told us they’ve had to stop spending on others, including family. This could have a knock-on effect for younger generations who often rely on parental support."
Pension crisis looms as millions risk poverty in retirementGETTYShe added that while there are uncontrollable factors such as tariffs and inflation, there are still practical steps older adults can take.
For older adults who are finding themselves dipping into savings each month, there are a few practical steps they can take to help preserve their retirement income and pension pot.
She added: "Making use of available government support such as winter fuel payments or council tax reductions can help ease the pressure.
"Be it bigger purchases such as home appliances or the latest technologies, or even necessities like pet food and gifts, using price comparison sites to plan purchases around sales and track the best prices can make a real difference."
