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 Elderly people in Britain are set to suffer financial difficulties in the year ahead as price inflation hits their way of life.
According to a report from Newcastle Building Society, the average elderly person will see their cost of living increase by seven per cent in 2008.
It comes as the price of food and energy rises and could leave many elderly people fighting to avoid repossession as they struggle with their financial difficulties.
The building society has admitted that even this seven per cent figure may prove to be conservative.
"Our findings paint a bleak picture for pensioners this year," commented Bob Mothershead from Newcastle Building Society.
"The rising cost of living is undoubtedly a concern for us all, but it is those in later years who suffer the most.
"For the many relying on the basic state pension, these increases could negatively impact on their everyday quality of life," he continued.
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