Nearly three-quarters (73%) of over-50s said that the cost-of-living crisis is their biggest money worry, SunLife has found.

A survey of 2,000 people over the age of 50 by the financial services firm revealed that this figure increases to 78% for women. It was also found that one in 10 (10%) of women stated they are financially worry free, compared to 15% of men.

The firm’s ‘life well spent’ report also found that after the rising cost of living, people over 50 are more worried about unexpected costs, with almost one in two (44%) saying it’s their biggest financial concern.

Over one in three (37%) surveyed said they worry about running out of money during retirement, with just over a quarter (27%) stating that they are concerned about how their children and/or grandchildren are managing financially, overtaking pension value as the third biggest concern.

As a result of these worries, over half of over 50s have said they have cut back on takeaways (53%) and meals out (52%).

Almost half (47%) have cut have on activities and days out, with 46% reducing spending on clothing. 42% and 39% have also cut their spending on holiday and charitable giving respectively.

Chief executive officer at SunLife, Mark Screeton, said: "SunLife’s second ‘life well spent’ report tells us a lot about the over 50s’ thoughts and spending habits during the current cost of living crisis. We’re once again having to spend even more on groceries and cut back on the things that bring us joy, like meals out and holidays.

"The fact that 44% of us worry about unexpected costs speaks volumes to how meticulously people are planning their budgets – and how an unexpected bill like a burst pipe or car breakdown can throw a big spanner in the works. I hope our findings can at least show those worrying that they are not alone in this."

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