According to new research from MoneyExpert.com, the recent rises in fuel costs have resulted in up to one in four people aged over 65 struggling to meet their annual fuel bills.

Around 25 per cent of pensioners in East Anglia and the East Midlands are finding it difficult to meet their weekly fuel demands. This is a direct result of the average annual dual fuel bill rising by up to 40 per cent over the last 12 months alone.

“There have been around a dozen fuel price increases since the beginning of this year, and these have hit many homes hard,” said MoneyExpert.com’s chief executive Sean Gardner.

“Those hardest hit are pensioners where already one in five is below the poverty line. Rising fuel bills, which are primarily a result of increased wholesale prices, are having a terrible effect on many homes.”

Older people generally use more fuel than the younger generation and so use a higher proportion of their annual income for this purpose.

On average those over 75 spend almost double the amount on fuel than the overall national average and this highlights the need for putting away money into a pension savings account from a young age.

To read more about pensions, click here.

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