Financial pain is worse than a year ago
Pensioners feel less financially secure than 12 months ago despite the improving economy, a YouGov poll of Britain of over 65s shows.
Pensioners are more worried than ever about having enough money to live on in the later years of their retirement – with nearly half (47%) saying it is a concern compared to 39%* in March 2013.
Many blame continued low interest rates, which recently marked their fifth year at the unprecedented low of 0.5%, with two thirds (67%) saying poor interest rate returns have made life uncomfortable. 41% are having to live more frugally as a result.
Ahead of the Chancellor’s Budget, the figures will fuel Opposition claims that the rise in GDP and fall in unemployment is failing to have a material impact on ordinary people.
The Stannah Silver Census, commissioned by world leading British manufacturer Stannah, questioned 1,000 adults over 65, to provide a finger on the pulse of an oft-overlooked segment of British society.
The research also shows over one quarter (27%) of pensioners are concerned about becoming a financial burden to their family as they get older.
Patrick Stannah, joint managing director of Stannah Lift Services, said:
“Whilst the overall performance of the economy is improving, it is clear a large proportion of Britain’s older people don’t feel they are benefiting.”
“The cost of living and low interest rates are forcing these vulnerable people to cut back at a time when their benefits are under threat and social care provision is being scaled back.”
“Ahead of the Budget, the Chancellor must bear this in mind – and do all he can to ensure the economic recovery benefits Britain’s 10 million over 65s.”