Having enough money is top concern amongst over 55s

Having enough money to get by is the biggest worry for over-55s, ahead of concerns regarding losing a partner and staying healthy, a new survey shows.

According to thisismoney.co.uk, the study conducted by MGM Advantage reveals one in five older Brits are even selling off some of their possessions online, such as clothes and electronics, to make ends meet. Worryingly, this is because over half of over 55s cannot pay their bills. Some 45 per cent of Brits approaching retirement are concerned about their health and 32 per cent are stressed they might lose their partner.

Selling off prized items isn't generating enough income to keep some over-55s afloat though, as one third are planning to sell their current home and downsize to a smaller one to save money, reports iexpats.com.

Despite the fact inflation has declined over the past few months, income increases and interest on savings accounts remain low. For 30 per cent of older Brits, this means they've had to cut down on the amount they're putting away for retirement.

Andrew Tully, pensions technical director at MGM Advantage, says many generations are having to cope with the rising cost of living.

“We're used to people in the UK moving to the coast when they retire, but what we're seeing now is less and aspiration and more about necessity,” he explains.