A third of over-50s in the UK have concerns they will not be able to afford the recession predicted by the Bank of England (BoE), research from LiveMore has highlighted.

The findings also showed that more than half of 50 to 90 year olds fear that they will not be able to heat their homes or pay other vital bills as the economic downturn continues.

LiveMore’s latest Barometer was carried out by Censuswide and saw 2,041 UK respondents questioned across 12 geographical regions in the UK about the state of their financial lives and how they were being affected by the UK economy.

For many who voiced their individual concerns, LiveMore found that the biggest issue was that increasing prices were already eating into their savings, leaving them with “no extra cash”.

Others said they were worried that the worsening economy would make mortgage rate rises unmanageable, force them to put off their retirement date or stop them from helping their children get on the property ladder.

“There is a misleading perception in the UK – particularly among younger people – that the majority of over-50s have had it easier financially and are comfortably off,” said LiveMore CEO, Leon Diamond. “The LiveMore Barometer dispels that myth and gives us insight into the very real concerns which drive their financial priorities.

“It is clear that many of the UK’s older people are being hit hard by the cost of living crisis and are already close to the edge financially – and now fear that its effects will continue to get worse if the UK dips into recession.”

The BoE’s latest forecast is that the UK will enter recession during 2023.

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