£400,000 pensioners facing financial hardships

07/11/2011

More than 400,000 pensioners face financial struggles as a result of the rising cost of living and mounting debts, the Consumer Credit Counselling Service (CCCS) has warned.

There are 427,000 households with people over the age of 70 who are struggling to make ends meet, the CCCS’s data reveals.

Furthermore, things only look set to get worse, as the charity cautions that the situation is “likely to deteriorate considerably”.

A spokesperson said: “While most people would hope to have paid off their mortgage and other debts by the time they are 70, this is a distant dream for a significant number of older people.”

The charity reiterated that retired people, especially those who have to pay social care costs, are very limited with regard to opportunities to increase their incomes.

If monthly incomes were reduced by even £50, one third of 70 to 74 questioned admitted they would be unable to repay their debt.

Tags; Current UK Economy, Retirement Money Problems,

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