1 in 5 Pensioners Live in Poverty
One in five people over 65 live below the poverty line according to study
30th November 2004
A study by retirment and finance specialists Economic Lifestyle found that 20% of people aged 65 or over were 'cash poor' and living below the poverty line.
Heavy debt was the main cause, with a total of £4.3bn being owed on credit cards, mortgages, overdrafts and loans.
Although many have substantial equity in their homes, income from investment returns and annuities is not sufficient to both pay for day to day living and service debt.
Read More: Money Guardian Report
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More on Pensioner Poverty : Extent of Pensioner Poverty Underlined (News, 01/06/2005), UK Pensions Among the Lowest (News, 03/05/2005) |
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