Older people face losing €1,532 in spending power by end of year
Older people are facing a cost of living crisis as rising inflation takes its toll on pensions and savings.
By the end of 2023, older persons could lose 15% to 20% of their spending power putting them at risk of poverty.
According to Age Action, Ireland’s leading advocacy agency on older persons and ageing, the average older person will lose €1,532 in spending power by the end of this year. The average older couple will lose €3,364.
The charity is calling on the Government to raise the State pension by a minimum of €23 from Budget day to protect older people as they head into the winter.
The rapidly rising cost of living is causing financial stress among the older community, some of whom are turning off their heating because it is so expensive.
While the nominal value of €1,000 remains the same, it will only buy €900 worth of home heating oil or groceries compared to one year ago, and potentially as little as €800 worth by the end of 2023.
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