Old & young feel chill with soaring costs

OLDER people will face the greatest income squeeze from surging energy costs this winter.

But younger generations will struggle most to afford their bills, a report warns today.

It says over-75s are expected to spend 8% of their income on costs as they are more likely to have bigger homes. But the young will suffer more as they are four times more likely to be on prepayment meters and less likely to have savings.

Middle-aged households, from 40 to 64, face the largest hikes, with annual energy bills rising by more than £1,000 on pre-crisis levels to between £2,200 and £2,400. Molly Broome, of the Resolution Foundation which carried out the study, said bills may rise by over 80% this winter.

She said all generations are facing difficulties but added: “It’s younger people who are most likely to struggle to pay rising bills.”