Research from Alliance & Leicester has found that 98% of people over the age of 50 in the UK have been affected by rising bills, but only half have actively looked for cheaper deals.
The cost of living as significantly increased for people up and down the country with energy bills being viewed as the main cause of debt problems.
Emma Walkley from Alliance & Leicester said that over-50s would have to maximise their income as the financial crisis deepened and the cost of living increased, adding, "At the moment, it really is a case of 'every penny counts' for the over-50s."