A new study looking at UK household’s financial health has found that the rising cost of living is leaving many over-55s unable to put aside extra savings.

After conducting a financial fitness survey for home management site Hoppy, YouGov has found that nearly a quarter of people aged 55 and over are only able to save £50 or less a month and that only 17 per cent are able to save any extra money for their retirement on top of their current pension arrangements.

It has also revealed that over half (52 per cent) of people in the same age bracket admit to having to cut back on socialising with friends and family in order to afford monthly bills, while 41 per cent of the older demographic admitted to cutting back on life essentials such as food, medication and daily travel to pay for essentials.

Over a third (34 per cent) said that they have less than £100 disposable income left each month.

Hoppy managing partner, Richard Longmore, said that the survey results showed how important it was that people were educated on the best ways to save money.

“Our findings revealed that only 14 per cent of the population were educated about personal finance at school or university, illustrating a need for further awareness around financial wellbeing,” he said.

Also commenting on the findings, Alex Holder, the author of Open Up, a book that encourages people to talk about their finances, said that people should view their financial health as important as their physical wellbeing.

“Looking at our bank accounts, being honest with ourselves about our spending triggers and making ourselves accountable to our friends are all healthy ways to get financially fit,” he added.

“And just as you might go to the gym, or take a moment to stretch in the morning — spending 15 minutes on your finances, doing a direct debit overhaul and writing a spending plan are all ways to ‘financially self-care’.”

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