Over half of retirees are struggling with their personal finances due to the increases in the cost of living, Engage Mutual has said.

The company conducted a survey that revealed 54 per cent of retirees are finding it difficult to afford everyday items.

Furthermore, ten per cent of those questioned said they have used their credit cards to pay for bills, despite 13 per cent of respondents stating that they were already finding it hard to pay off their credit card debt.

Karl Elliott from Engage Mutual Assurance urged people with financial worries to seek financial advice.

"With the increased costs of food, fuel and mortgages taking effect, our research shows that those in retirement are becoming increasingly worried about being able to afford their everyday spending," he said.

Mr Elliott advised retirees to take advantage of good savings accounts deals.

Yesterday, Alliance & Leicester International launched a new offshore savings bond.



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