Pensioners Feel the Squeeze Financially

FINANCIALLY SQUEEZED PENSIONERS - Pensioners have long been discussed as some of the wealthiest people in the country. For example, in the mid-1980s only around 1% of those aged 65 and over in the UK were living in severe poverty, putting it equal-lowest in poverty rates of 16 western European countries. Today, however, that figure is closer to 6%, making it the worst poverty rate in all of western Europe. This comes as, today, Legal & General and the Centre for Economics and Business Research found that the 'Bank of Mum and Dad' gifted £6.3bn to help their children and grandchild get on the property ladder. This makes them the 10th largest mortgage provider in the UK. 

With extreme poverty increasing and the dream of property ownership becoming out of reach for many people, there is pressure on pensioner parents to help out the future generations. However, according to new research by FairMoney.com, the fair loan comparison website, pensioners are also becoming stricken by poverty today.

The research reveals that:

18% of pensioners have stated that financial stress is causing them to lose sleep at night 

15% said that they were struggling with money, they would rather consult a payday lender than a family member 

10% of pensioners say that financial issues have caused strain in their marriage of relationship 

9% would never publicly admit that they are living in poverty 

10% have experiences issues with their mental and/or physical health as a result of financial stress

6% of pensioners haven't always been able to afford a roof over their head 

7% say money is their main sources of conflict in their family 

7% say fear of bills has led them to avoid opening their mail or checking their statements 

4% admit to acting in an uncharacteristically aggressive way because of financial stress

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