Paul Dales, economist at the consultancy Capital Economics, noted the shift did not seem to be driven by income trends, as jobs and wage growth had followed similar patterns among the over-50s and the under-50s. Retired households have also experienced a lower inflation rate than working households, according to the Office for National Statistics. “It’s possible that tax changes are weighing on the confidence of over-50s by more than the confidence of under-50s,” Dales added.