Money worries for those of retirement age

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Financial Services > Pensions > News

Money worries for those of retirement age

Thu, 08 Dec 2005

Older people in Britain are struggling to make ends meet financially after reaching retirement age, new research shows.

Prudential found that 17 per cent of people in retirement live on less than £5,000 a year and are unable to meet their financial obligations and live comfortably.

Nearly a fifth of people go back to work after reaching retirement age. Many of them say they did so because they enjoy working, but a quarter say their decision to continue working was brought on by financial need.

Some 60 per cent of pensioners have had to cut back on spending in the last half year.

A quarter spent less on clothes, 18 per cent used less heating and electricity and one in ten bought less food.

Their financial problems caused a fifth of those in retirement to feel anxious and depressed, while two per cent even contemplated suicide.

Money set aside for inheritance has been raided by one in ten people, while six per cent have resorted to credit cards in order to get more access to funds.

Almost a fifth have rearranged their investments and savings, Prudential found. Nearly 40 per cent have consulted a financial adviser in order to manage their finances better.

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