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Those people are also happy with higher interest rates as they are often cash rich and benefit from higher savings rates
greentricky-
cash rich and benefit from higher savings rates
But not if interest rates are below inflation.
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This will be offset by higher outgoings.
Older people are more concerned with the increased cost of maintaining their quality of life over a small increase in cash savings (any large amounts of assets will likely be in shares and property rather than cash so not relevant to an increase in interest rates)
jellybaby
Grumpy_Git
A surprising (to me) large number of people own their homes outright
https://www.ons.gov.uk/peoplepopulationandcommunity/housing/articles/researchoutputssubnationaldwellingstockbytenureestimatesengland2012to2015/2020
I haven’t found a demographic breakdown of ownership, but the areas that the ONS cites as having the largest share of outright ownership skew older - so a lot of these people are, if not retired already, and rapidly approaching it.
They’re not going to be rioting in the streets, and they’re also much more insulated from price inflation than younger people with a mortgage or living in a rental (although not entirely insulated, and anything that threatens their pensions is a major issue for them).