An increase in economic difficulties is causing many older residents of London to experience anxiety, impacting their sleep and leading to feelings of isolation, as reported by Age UK London.

The charity’s findings suggest that numerous older individuals are facing financial hardships, struggling with digital exclusion, and coping with the rising costs associated with housing and home upkeep.

To better understand the everyday experiences of those aged 50 and above in the capital, Age UK London collected personal accounts from older Londoners about their lives.

Polls conducted by the charity revealed that 38% of older Londoners are worried about accumulating energy debt due to unpaid bills.

Age UK London noted a “significant and troubling lack of awareness among some survey participants” regarding various energy-saving strategies.

According to the report: “Many individuals shared that they either refrain from using heating or employ various methods to reduce consumption.”

Research by Opinium, commissioned by the charity, examined how older individuals are coping with the rising cost of living.

Findings indicated that one in four older Londoners felt their homes were colder than they preferred “all of the time” or “most of the time.”

Over a third (36%) of older Londoners expressed that they felt less financially secure as they approach 2025 compared to the beginning of 2024.

The government’s initiative in July to means-test Winter Fuel Payments, limiting eligibility to households receiving Pension Credit or certain other benefits, has further exacerbated the situation.

One participant remarked to Age UK London: “The removal of Winter Fuel Payments is devastating.

“Many struggling pensioners with limited occupational pensions and small savings don’t qualify for Pension Credit and will consequently be left out, possibly having to choose between heating their homes and buying food.”

Margaret, a retiree, shared with BBC London that she had to sell her jewelry to cover her expenses.

She mentioned selling a bracelet and two rings, including her engagement ring, “to a legitimate jeweler, and received £127.”

She added: “At least I had some cash to last until the end of the month when my pension was exhausted. How was I going to manage dinner for the following week?”

Age UK London highlighted that financial instability has placed many older Londoners in a state of ongoing anxiety.

In addition to concerns about energy costs, nearly half of those surveyed indicated difficulties in “shopping around” for more affordable food prices and better deals.

Some seniors are struggling to afford necessary repairs, leading to crucial home maintenance being put off indefinitely.

Complications with internet access, including the costs associated with getting online, mean that many older Londoners are at greater risk of financial exclusion.

As a result of the escalating cost of living, a number of older residents are working well beyond retirement age or re-entering the workforce after an initial retirement, according to Age UK London.

The report highlighted worries such as “depleting savings, unexpected expenses, or losing government support.”

It states: “Respondents frequently voiced concerns over bills, including energy costs, rent hikes, and mortgages, with many expressing significant distress over financial instability.

“Some older Londoners are losing sleep due to financial stress, while others reported that their inability to afford leisure activities and social outings is intensifying their sense of isolation.”

John McGeachy, campaigns manager at Age UK London, conveyed to BBC London that the charity encountered individuals who had sold their televisions or microwaves to make ends meet.

He remarked: “It was particularly disheartening to read accounts of people postponing social gatherings with friends because they knew they couldn’t afford transportation— or, once at a café, realizing that a £4 coffee could cover multiple meals at home.

“This results in missing out on fundamental social interactions, which are essential for our well-being.”

Age UK London is calling on the government to simplify benefit applications, implement stronger protections against rent increases, and enhance mental health support to aid older Londoners in navigating financial hardships with dignity and security.