People over State Pension age urged to check for unclaimed benefits to boost income
22.06.2023 - 11:07
/ dailyrecord.co.uk
One in seven people aged 65 and over has been turning to loans and credit cards to make ends meet during the cost of living crisis, according to a survey. The Independent Age charity said its research suggests many older people are struggling alone and racking up debt as costs escalate.
The organisation said pride was the biggest barrier to asking for financial support, with 32 per cent citing this. Research for the charity by Opinion Matters involved a survey of 2,000 people under the age of 65 and 1,002 aged 65 and above in May this year, it showed that one in six (16%) of older survey respondents said they feel isolated due to their financial situation.
More than half (57%) said they would not feel comfortable asking friends or family for financial support while 9% said they are hiding debt from their family. Around 13 per cent said they have spent money they do not have rather than admitting to friends and family that they are struggling financially .
Veteran radio DJ Tony Blackburn, 80, who is supporting the campaign, said: "There's a misconception that everyone in later life enjoys a financially comfortable retirement. The hidden reality is that more than two million older people in the UK live in poverty.
"That's why I'm supporting Independent Age's aim to improve the lives of one million older people by 2027. Living in financial hardship affects older people's health, intensifies loneliness and reduces their quality of life - so I'm supporting Independent Age's work to prevent and alleviate it."
The research also found concern among young people about their futures, with 44 per cent of people aged 18 to 64 in the UK saying financial security is their biggest concern about getting older, compared to over a quarter
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