The above-inflation price hikes – a 26% increase on the previous year – will see the average annual bill rise from £480 to £603 in the next year alone.
According to SunLife, seven in 10 over-50s are already struggling with water bills. A similar number (71%) said they were already spending more on household bills than a year ago.
The insurance company found that almost half (44%) of over-50s have had to cut back on eating out and takeaways, and a third (34%) have cut back on clothes.
Four in 10 (38%) have spent less on days out, while a quarter have cut spending on their hobbies, the gym and sports. A third have stopped giving as much to charity and one in five say they’ve had to cut back on gifts to children and grandchildren
According to SunLife’s annual Life Well Spent report – a study of more than 2,000 adults aged 50 and over – 71% are already spending more on their household bills than they were a year ago, while 61% are spending more on their weekly shop, which is putting a strain on their household budgets.
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Researchers warned that with water bills rising by up to 47% in some regions and food inflation at a five-month high, the impact on over-50s could be significant.
When questioned, the vast majority (63%) said further rises to energy bills, food, and fuel was their biggest financial concern.
Mark Screeton, CEO of SunLife, said: “According to our research, most over-50s have had to spend more on essentials like food, energy costs and transport, meaning there is less left for personal expenses.
“And while, arguably, some of these expenses are luxuries – such as eating out and takeaways – others are vital for good mental and physical health, such as hobbies and fitness, so it is worrying that so many people are having to make such big sacrifices.”
