Elderly debt crisis: Pensioners rely on state
27/01/2010The average person planning to retire this year will rely on the state pension for 34 per cent of their income, new research has found.
Indeed, one fifth are expecting to rely on the state alone to fund their retirement - this despite a third of retirees not even knowing how much it will pay.
The findings come from Prudential, who warn that the basic state pension will not provide sufficiently for life after work - paying just under £5,000 a year.
The average expenditure for a household headed by someone aged 65 to 74 stands at £321 a week, according to the survey.
The study indicates that those hoping to rely on the state could easily be faced with debt problems in their later years.
However, Kevin Still, director at Atlantic, said that the number of elderly people relying on credit cards and other debts is more disturbing still.
He went on to say that "when income falls dramatically, debt advice is needed to look at which options are available and to ensure that all benefits are claimed to optimise income".
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