PENSIONERS are being forced to make major sacrifices to their lifestyles as their finances come under increasing pressure, new research has found.
A study of over-60s living in the UK found that almost one in three say that they struggle to make ends meet and have had to change they way they live in the face of rising costs for heating, food and luxuries.
According to the study by property experts Homewise, one in three over-60s said that that cutbacks have lead to them borrowing money from friends and family and resorting to selling possessions because they do not have enough cash to live off.
Read more: Herald View - Pensioners pay the price of Brexit
And one in ten have turned down the heating to save money and even started eating less in a bid to stave off poverty.
The research underlines the growing financial pressures on people in the run up to retirement and highlights the struggle for millions despite the rise in average pensioner incomes.
Westminster figures show average pensioner household incomes after tax and housing costs are around £297 a week, while household incomes have increased by around 19 per cent over the past decade.
But the Homewise study found that around 600,000 over-60s, the equivalent of 7 per cent of the UK population, have less than £50 a week in spare cash while millions of others have to make major sacrifices.
Mark Neal, Managing Director at Homewise, said: “The rise in average pensioner incomes is very welcome but it does not tell the whole story and the sacrifices that many have to make in order to get by.
“Far too many people in retirement are stuck in debt, living in unsuitable housing and having to scrimp and save."
Meanwhile, a separate study has suggested that middle-aged and elderly people can boost their mental well-being by volunteering,
Previous research has linked volunteering to mental well-being but it is the first time that researchers have examined whether it is beneficial to different age groups.
Read more: Herald View - Pensioners pay the price of Brexit
The new study, published in the journal BMJ Open, examined data from 5,000 households across the UK. Questions on volunteering were asked on numerous occasions between 1996 and 2008.
Participants were also asked about their general health and well-being.
The authors, from the universities of Southampton and Birmingham, found that, when not considering age, those who engaged in volunteering regularly appeared to experience higher levels of mental well-being than those who never volunteered.
But when they looked into volunteering across different age groups they discovered the association between volunteering and well-being only became apparent above the age of 40 years and continuing up to old age.
Read more: Herald View - Pensioners pay the price of Brexit
"The association between volunteering and mental well-being varies at different points in the life course," the authors wrote.
"These findings argue for more efforts to involve middle-aged people to older people in volunteering-related activities.
"Volunteering action might provide those groups with greater opportunities for beneficial activities and social contacts, which in turn may have protective effects on health status."
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