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Robyn Hall
Just Retirement is going on the road over the next few months. This seminar is in Manchester.
Area Sales Manager - Financial Services - London
North London
Mortgage Consultant / Mortgage Adviser - Fulham
South London
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Half of pensioners struggle financially
26 September, 2008
More than half of older people are cutting back on essentials such as heating and food, and one in 10 of the poorest pensioners have been forced into debt by the rising cost of living.
The report, Flagship or Flagging? - launched today to mark the anniversary of Pension Credit - reveals that six in 10 low income pensioners are only just getting by or are finding it difficult to manage financially. Key findings from the report include:
Two-thirds (66%) of pensioners are cutting back on the amount of gas and electricity they are using, over half (52%) are buying less or poorer quality food, and 49% are planning on cutting back their heating this winter.
One in 12 pensioners overall, and one in 10 low income pensioners, have built up debt due to the increased cost of living.
Gordon Lishman, Director General of Age Concern, said: "There can be no doubt that current measures to tackle the scourge of pensioner poverty are falling pitifully short of the mark. Pension Credit has the potential to lift hundreds of thousands of pensioners out of poverty, but will remain more flagging than flagship without urgent action to reform the faltering benefits system. Introducing a system of automatic benefits it is the only effective way to reach all those who need help through these difficult financial times."
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