You are here: Home - News -

Bank of son and daughter a growing reality

by: Paula John
  • 29/05/2012
  • 0
Hard-up retirees are having to ask their children for financial help to meet the rising cost of living in the uk.

According to a survey conducted by Responsible Equity Release, a third of pensioners have asked their children for money in the last 12 month, and a third are worried that they may have to sell their home in order to cope with daily bills.

Almost half have taken on part-time work to increase their income, and one in six have no savings at all. The results come as charity Age UK found 11% of pensioners had borrowed money to pay their rent or mortgage.

Many have seen a shortfall in their income due to low interest rates on their savings or have been hit by pensions not paying as much as expected.

Michelle Mitchell, charity director general at charity Age UK, said: ‘It is extremely worrying that such a high number of older people report having to borrow money just to keep a roof over their heads.

“Far too many older people are living in poverty and the Government must continue to work pro-actively on ways of getting money to older people who are in desperate need.”

It is estimated that 1.8m pensioners in Britain live in poverty.

 

There are 0 Comment(s)

You may also be interested in