No more ‘Bank of Mum and Dad’: Pensioners turn to their children to help meet soaring living costs

Impoverished pensioners are being forced to ask their children to help pay their bills as soaring food and energy bills leave them unable to cope.
A poll of 2,000 retirees conducted by the firm Responsible Equity Release revealed that a third admitted to asking their children for money in the last year and a third also fear they may have to sell their house just to get by.
Almost half have taken on part-time work to boost their income, while one in six have no savings whatsoever.
Piling up: A third of retirees have been forced to ask to borrow money from their children to help them pay bills

Piling up: A third of retirees have been forced to ask to borrow money from their children to help them pay bills
Further research carried out by Age UK found 11 per cent 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.
Hard-up OAPs need to ask for cash is also hitting their children hard at a time when money is tight due to high living costs.
Michelle Mitchell, charity director general at charity Age UK, told the Sunday Express: ‘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.
Struggling: Pensioners are increasingly having to turn to their children to help with the cost of living a study has revealed

Struggling: Pensioners are increasingly having to turn to their children to help with the cost of living a study has revealed
‘Far too many older people are living in poverty and the Government must continue to work pr-actively on ways of getting money to older people who are in desperate need.
Managing director of Responsible Equity Release Steve Wilkie said: ‘More than ay other group, they must feel let down by the Government – the forgotten generation, left to fend for themselves.’
It is estimated that 1.8million pensioners in Britain live in poverty.

Read more: Source



Categories: News mix

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: