Millions of people aged 50 and over are worse off as a result of low interest rates, the rising cost of living and the Government's quantitative easing programme.
According to SAGA, the 'toxic combination' is responsible for reducing the spending power of 21 million older people by 9% over the past four years.
The provider believes that the Government's policies have in turn cost the economy an estimated £24.7 billion.
Rising costs of groceries and fuel are having a significant impact on many people's lifestyles, whilst savings returns, often relied upon to help supplement living costs, are disappointingly low.
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