Over-55s Facing Mortgage Repayment Struggles: A Third of Population Impacted by Cost-of-Living Crisis

As the cost of living continues to rise, more and more people are struggling to make ends meet. This is particularly true for the over-55s, who are facing an unprecedented mortgage repayment struggle. According to a recent survey, a third of this population is now affected by the cost-of-living crisis.

The survey, conducted by the Financial Conduct Authority (FCA), found that the number of over-55s struggling to make mortgage payments has risen by a staggering 40% in the last year. This means that a third of this population is now facing financial hardship.

The FCA’s research revealed that the main cause of this crisis is the rising cost of living. With inflation continuing to outpace wage growth, many people are finding it increasingly difficult to make ends meet. This is especially true for those on fixed incomes, such as pensioners, who are unable to keep up with the rising costs.

The survey also found that the over-55s are more likely to be in arrears on their mortgage payments than any other age group. This is due to a combination of factors, including a lack of financial literacy, an inability to access appropriate advice, and a lack of understanding of the options available to them.

The FCA has warned that this situation is likely to worsen if action isn’t taken soon. The regulator has called on lenders to do more to support their customers, particularly those who are struggling with their mortgage payments. It has also urged the government to introduce measures to help those affected by the cost-of-living crisis.

It is clear that the over-55s are facing an unprecedented mortgage repayment struggle. This is having a devastating impact on their finances and quality of life. It is essential that action is taken now to ensure that this population can access the help and support they need. Otherwise, the situation is only likely to worsen in the coming years.

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