Inflation soars to 6.2 percent in blow for pensioners and savers – new 30-year high

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Inflation has a direct effect on the cost of living, which has already proved a struggle for many pensioners.

But as the measure continues to soar, many are worried about what the future may hold.

Becky O’Connor, Head of Pensions and Savings at interactive investor, remarked: “How are pensioners going to survive? They can’t magic money out of thin air. 

“Millions are dependent on the state pension alone in retirement, at a time when the Government’s commitment to state pension provision as it stands appears to be less reliable. 

“Many are in poor health. They can’t go out and ‘side hustle’ their way out of the cost of living crisis. They are stuck. 

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