May 15 2008
A new report has highlighted the apparent squeeze on the finances of pension-age Britons.
Figures from Engage Mutual show that the issues impacting the wider economy have already forced 49 per cent of the UK's retirees to tighten their belts financially.
Almost ten per cent of British pensioners are relying on credit cards in order to get by, while 17 per cent admit that they are having to go without buying certain everyday items and services.
The report could encourage younger generations to redouble their efforts in saving for retirement but one in 20 pensioners are now turning to their children for financial help.
"With the increased costs of food, fuel and mortgages taking effect, our research shows that those in retirement are becoming increasingly worried about being able to afford their everyday spending," said Karl Elliott, spokesperson for Engage Mutual Assurance.
A report from the Alliance Trust recently suggested that inflationary pressures across the country are impacting the over-75s more acutely than any other age group.
