Skip to content

Retirees 'hit by spending squeeze'

Almost a tenth of the UK's over-60s have found it tough to get by on their income in recent times, new research suggests.

Figures from ICM and Age UK show that nine per cent of those included in their poll of older people are finding it hard to stretch their incomes far enough.

The Government has taken steps this week to encourage people to give more thought to the issue of retirement saving.

But the research shows that 55 per cent of those who are already in or approaching retirement now believe it is harder for them to meet their regular payments than it was 12 months ago.

The study revealed that 33 per cent of over-60s can only just afford the costs of basic items at present.

Age UK's charity director, Michelle Mitchell, stated: "Living on a low income is hard work. Currently there are 1.8 million people in later life living in poverty but our polling suggests that many above the official poverty line are finding life hard."

Copyright Press Association 2012

Find Your Financial Consultant

Financial Consultant Form

More information about FCs

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd. which is authorised and regulated by the Financial Conduct Authority. Personal Loans and savings accounts are provided by Wesleyan Bank Ltd which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Bank Ltd subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board. Wesleyan Unit Trust Managers Ltd. is authorised and regulated by the Financial Conduct Authority.

Click for more information about the Wesleyan group of companies.

© 2015 Wesleyan Assurance Society