Cost of living crisis: Almost 75% of Birmingham residents believe they’ll have to work beyond age 68

Almost three quarters of Birmingham residents aged 50 and over are worried about their future and the impact the cost of living crisis has on it
Watch more of our videos on Shots! 
and live on Freeview channel 276
Visit Shots! now

The cost of living crisis has impacted people across the board and now a survey revealed that many Birmingham residents believe they’ll have to keep working beyond the average retirement age.

Almost three quarters of Birmingham residents aged 50 and over are worried about their future and the impact the cost of living crisis will have. According to a recent survey commissioned by unbiased.co.uk. Many of them are putting current retirement plans on ice, with 72% believing they will have to continue working beyond age 68 - the average planned retirement age for the city’s residents.

Hide Ad
Hide Ad

It is also impacting other life decisions related to leisure as almost one in three (30%) say they cannot afford to go on holiday.

Smart meter  (Photo by SUSANNAH IRELAND/AFP via Getty Images)Smart meter  (Photo by SUSANNAH IRELAND/AFP via Getty Images)
Smart meter (Photo by SUSANNAH IRELAND/AFP via Getty Images)

However, one expert says now is the time to reconfigure and plan finances. Karen Barrett, Founder and CEO at Unbiased said: “Now is the time to find a good pensions adviser so that you can make the right decisions when it comes to your retirement.

“Also try our calculator tool to work out how much money you can expect from your pension pot when you retire.”

Even with a energy price cap, energy bills will rise in October and will stretch household finances - which is why consumers may be seeking ways to trim down their expenditure.

Hide Ad
Hide Ad

Ms Barrett says for those of struggling to meet rental payments, it’s important to act before the situation gets worse.

“To avoid sleepwalking into rent arrears, it’s worth speaking to your landlord. If you’ve been a reliable tenant over the years, they may offer you a payment holiday or even reduce your rent for a few months to help you keep your head above water,” she said.

 (Photo by SUSANNAH IRELAND/AFP via Getty Images) (Photo by SUSANNAH IRELAND/AFP via Getty Images)
(Photo by SUSANNAH IRELAND/AFP via Getty Images)

She also advised that undertaking a budgeting exercise is a sensible first step to keep a watch on expenses. “By going through your bank statement with a fine-toothed comb, you might identify payments you no longer need such as gym memberships or TV subscriptions.

“Though these savings may seem insignificant in isolation, when totalled up it can really make a difference,” she said.

Hide Ad
Hide Ad

The financial adviser aggregator has many resourcs including hints and tips to help steer your finances through the challenges that lie ahead. It includes advise on local services such as Birmingham City Council can provide crisis grants and community support grants to help those who need it most.

A message from the editor:

Thank you for reading. BirminghamWorld is Birmingham’s latest news website, championing everything that is great about our city - reporting on news, lifestyle and sport. Find out more about who’s who in the team, and our editorial values. We want to start a community among our readers, so please follow us on Facebook,Twitter and Instagram, and keep the conversation going.

Related topics:

Comment Guidelines

National World encourages reader discussion on our stories. User feedback, insights and back-and-forth exchanges add a rich layer of context to reporting. Please review our Community Guidelines before commenting.