Many people in retirement could be struggling to make ends meet because they have to spend so much money on essential household bills.

New research conducted by MoneySupermarket.com showed a significant number of Brits are feeling the pressure due to the high cost of living.

This is despite figures from the Office for National Statistics showing inflation declined from 5.2 per cent in September to five per cent in October.

The price comparison site discovered individuals spend around 27 per cent of their income on essentials such as telecoms, utilities and insurance.

Elderly people in particular could be feeling the pinch, as they often spend a higher proportion of their income on heating their homes.

Head of banking at MoneySupermaret.com Kevin Mountford said although inflation has dipped, it is still high and people are struggling to make ends meet.

He added that once they have dealt with their outgoings, "many British consumers are left with very little money to play with each month".

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