Cost of Living and Financial Concerns

For May and June 2022 we asked:

''How concerned are you about the rising cost of living and what, if anything, have you done to manage your own circumstances at this time?'' 

The rising cost of living is an important and concerning issue for everyone at the current time.  Despite the warm weather and lighter nights as we enter the summer, older people are especially concerned and have been keen to tell us about some of the choices they have been making. As this is such an important and concerning issue, we asked the question over a two-month period in May and June 2022 and spoke to around 50 older people across Gloucestershire.

While most people are very concerned about rising prices, some older people are grateful for their good fortune, however, even those who feel they have good incomes and extra pensions are expressing their concerns for those less fortunate and raising concerns for younger people.

Whilst we were talking to older people in Gloucestershire the Government announced extra cost of living payments for most households and increased support for pensioners and those on disability benefits.  Everyone we spoke to after the announcement was very grateful for this extra support and said it would go some way to helping them:

“I am worried but so grateful the government have announced extra help – that will make a big difference”

Most of the people we have spoken to told us they are very concerned about how much prices of food and energy have increased recently but are also very concerned about what is to come later in the year:

“I am most concerned but more worried about what might happen in October”                       

“I’m very concerned about another increase in October”

“I am lucky that I am on a fixed rate with my energy supplier at the moment but I really don’t know what’s going to happen in October”

We have heard that some older people are already cutting down on “treats” and “luxuries” but also some quite worrying stories about more drastic measures some older people are taking:

“I am only buying essentials now to save money so I don’t buy any treats or luxuries”

“I am not going out as much with my friends and family - I have cancelled a holiday”

“I won’t have any spare money to spoil my grandchildren”

“I don’t turn my lights on until much later and go to bed earlier to save money but it means I can’t read in bed now”

“I hardly take my car out at all now - my world is shrinking”

“We are buying torch batteries now so we are well stocked up for the winter and will use torches to read and save electricity when the nights are darker”

It is also clear from our conversations that older people are also resourceful and are looking at ways of managing the situation.

“I have noticed that while the cost of some things hasn’t increased the size of the product is getting smaller. I have shut the thermostat down and turned the temperature down. I like to cook every day but am now considering eating more salad so I don’t need to use the cooker. I enjoy baking but have stopped to avoid using the oven”

However, we need to consider the impact on older people’s general wellbeing if they have to make these choices and are worrying about spending money on essentials rather than enjoying their later life. 

It is clear from our conversations this is a very concerning time for many but the most resourceful are also keen to share their tips on how to cut back and save money.  The information here followed a discussion with one of our Springboard groups:

“Steps taken so far, mainly to save energy were wearing a Sherpa fleece indoors and woollen socks. A hot water bottle that ties around the waist and can be worn on the back or lap to help keep warm. Ditching the electric kettle, boiling a kettle on the hob, and transferring unused boiling water to a vacuum flask for use later. Using old fashioned draught stoppers at the bottom of doors and curtains to keep out draughts”

Another person told us:

“I am very concerned indeed about the rising cost of gas and electric. The cost of food is variable as I can choose whether to buy certain items. Now I don’t put my TV on until 4pm or thereabouts and I no longer have the heating on at all unless I have visitors. This is not so dire as it sounds as I simply put an extra layer of clothes on. If I am feeling cold a hot water bottle and a cosy rug does the job of keeping me warm quite nicely”

A few people have also said that whilst it is difficult for everyone they consider themselves lucky as they have saved for private pensions and have a reasonable level of income:

“I am not too worried at the moment as I am very lucky to have good pensions and my wife still has an income.  We have noticed that the cost of food has increased a lot and we are careful which supermarket we go to.  It might be worse in the winter”

“I consider myself quite lucky at the moment as I saved hard for extra pensions when I was working and I have also changed energy supplier who offered a fixed rate until October - I expect there will be more problems then”

It would therefore appear clear that this is a major issue of concern and we are encouraging those we speak to to take up the AUKG offer of a free benefits check to maximise income and take the opportunity to discuss other benefits including the Warm Home discount Scheme.

National Age UK have also been campaigning on this issue and their recent report “It doesn’t add up” (found here) has had some success in urging the Government to provide more support to older people.  At AUKG we will continue to take every opportunity to support older people to access their full benefit entitlements and support older people in the county to have the best later life possible.