Are things getting better for Britain’s over 50s?

According to Saga, quality of life improved during 2012 for Britain’s over 50s.

The Saga Quality of Life Index was much higher than at the start of the year, demonstrating that things have been getting better for Britain’s over 50s.

After the ‘Olympic bounce’ experienced this summer, Saga believes that the Government needs to make sure this ‘feel good factor’ can be maintained into next year.

Despite happiness and wellbeing for the over 50s improving during Britain’s golden summer, some elements of life for the over 50s have become tougher.

Inflation remains a big concern.

Whilst price inflation has started falling during 2012, it has remained stubbornly above the government target of 2% for CPI this year.

The cumulative pensioner inflation rate since Northern Rock failed in 2007 is 27% on the ONS pensioner inflation measures.

This is ten percentage points higher than the national average.

Inflation is often higher for older people, as the typical goods and services we consume in retirement tend to rise in price much faster than those consumed during our working lives.

Saga found that inflation expectations among the over 50s have risen this quarter, from 4.6% to 4.8%.

They also found that long-term unemployment remains an issue for over 50s.

There were 389,000 unemployed people aged 50-64 over the three months to August 2012; 1.1% higher than the previous quarter and 6.7% up from a year ago.

Whilst continuing in employment is often a strategy planned for deferring retirement until it becomes more affordable, these figures show that the continuation of paid employment is not always possible in your 50s or 60s.

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