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PPI Claim: Inflation 'hits elderly hardest'

Payment protection insurance (PPI) claims and loan refunds could be handy for those consumers who are finding it hard to cope with the high cost of living in the UK.

A new report from the Alliance Trust found that the level of inflation experienced by people across the UK depends on their age group and the goods they purchase.

According to the research, pensioners will find their incomes are being stretched the most.

The 65 to 75-year old age group experienced a 5.5 per cent increase in the rate of inflation, while those aged 75 and above had the highest rate in the country – 5.6 per cent.

"In particular, it is the elderly households which continue to suffer the highest rates of inflation due to electricity and gas price increases impacting these households disproportionately," said Linsey Thomson, senior economic analyst at the organisation. 

The Financial Services Authority recently fined HSBC £10.5 million for misselling financial products to the elderly.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801238689-ADNFCR

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