According to the findings, food price inflation in the past year has risen by nearly nine per cent, while utility and petrol prices have increased by 11 and 20 per cent respectively.
Shona Dobbie, head of the Alliance Trust Research Centre, said that the research highlighted "the extent to which inflationary pressures are hitting the elderly hardest".
"Unfortunately, we expect little respite from this situation over the next couple of months as the oil price is expected to remain high and there are global shortages of some foodstuffs," she added.
Research published by American Express earlier this month found that a third of young people in the UK feel they do not have time to research pension schemes or plan for the future.
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