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Pensioners saddled by debt

by admin1
July 25, 2013
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Homewise has revealed that over a million pensioners can’t afford double-glazing, whilst 630,000 don’t own a washing machine and another 180,000 pensioners live without a fridge.

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These startling new statistics show just how widespread ‘pensioner poverty’ is becoming amongst retirees.

Mark Neal, managing director of Homewise said: “It is staggering that in 21st Century Britain there are so many pensioners living without amenities and services that the majority of us take for granted. This is further evidence of pensioner poverty, with many elderly people saddled by growing debts and inadequate pension provision. With such a low disposable income, the prospect of spending hundreds let alone thousands on household appliances just isn’t an option.”

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Even though there is only around a 1-2C difference between the North and the South, and the fact that wherever in the country you live the British winter is icy cold, pensioners living in the north are far more likely to have central heating than those in the south.

One option for these pensioners could be equity release, although this is not suitable for everyone and independent financial advice should be sought before committing to such a decision.

This latest research comes in the wake of another report from Homewise which revealed that around 1.2 million pensioners are currently living in poor quality accommodation. They are having to suffer terrible living conditions because they cannot afford to correct problems including damp, leaking roofs, flaking paintwork.

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