People who are in control of their finances feel generally calmer, happier and less worried, yet around two million over-65s have no one they feel comfortable talking to about money, a study suggests.
The survey for Age UK found 33% of people aged 65 and over said they feel generally calmer and happier as a result of feeling in control and 34% admitted they worry less.
However, one in six have no one to talk to about money issues.
Although the vast majority of over-65s surveyed feel in control of their day-to-day finances, 17% are just getting by or finding it difficult to manage on their weekly income, rising to 23% of single over-65s.
The poll found 14% of the over-65s surveyed said they are more worried about their financial situation than this time last year, with one in 12 saying they would find it difficult to pay for an unexpected bill of £200 to replace an essential item such as washing machine or cooker.
Caroline Abrahams, Age UK’s charity director, said being in control of your finances is a key component of good mental health and can make a big difference to how people feel about life generally.
“At Age UK we believe that each and every older person should have enough money to live without having to struggle and participate fully in society. Without that it’s easy to see how people can feel unhappy, anxious and less connected to the outside world,” she added.