Worrying financial news regarding pensioners

• Written by Josh

It has been reported this week that elderly pensioners are suffering in silence about their current financial situation. It is said that the gap between the incomes of the over 75s and younger pensioners is widening for the first time in a decade.

In the reports, released on The Telegraph’s website, it is said that in a study carried out by Independent Age it was found that the average income of pensioners older than 75 is now £59 less per weekend than younger pensioners. This was an increase of £8 in the 10-year period.

It was suggested that elderly woman have an increased risk of falling into the ‘poor’ financial bracket – due to the fact that they had lower incomes then men across the two age groups. Females are also more likely to be living by alone as a result of being widowed or divorced.

Elderly pensioners in the UK are now receiving an average of £363 per week, after housing costs are taken into account – £112 less than working-age adults.

Free elderly benefits 

A few weeks ago we published a blog entry based on the elderly benefits that our customer-base should be receiving. In the wake of this concerning news regarding elderly pensioners, we would like to remind you of the benefits included, along with some extra tips:

  • Cold Weather Cash – When the average daily temperature is recorded as 0°C or below for seven consecutive days in your area then you are entitled to £25 from the Government. This scheme runs between November 1 and March 31.
  • Free TV – Elderly pensioners aged 75 and over are eligible for a free TV Licence. The free licence also covers others who live with you at your home. This scheme does not activate by itself though so you will need to apply for it as soon as you turn 75.
  • Free Public Transport – As soon as you turn 60 you are eligible for a free bus pass. This will save you plenty of money every month. Londoners can also apply for the Freedom Pass, which gives you free travel on the bus, train and tube service.
  • Free Eye-Tests – UK residents over the age of 60 are entitled to free eye check-ups. If glasses are required then you can also receive vouchers towards the cost of a pair.
  • Free Dental Treatment – If you receive the Pension Guarantee Credit scheme then you are entitled to free dental treatment.

Other tips for Pensioners

  • Family & Friends – These people are here for you and should be more than happy to help in any way they can. Whether this is helping with your shopping costs or inviting you round for Sunday Dinner. With the help of your family you will not have to suffer in silence about your financial situation.
  • Community Centres – Community centres and groups often provide meals for elderly pensioners in the area. Alongside the meals you may also have the option of choosing products from a food bank.
  • Hobby Clubs / Groups – By joining a social club you are not only keeping yourself, and your mind, busy – you are also having fun and making friends.
  • Be careful with bills – Gas, electric and water bills often leave the elderly low on cash. With so many different providers promising so much, it can become difficult to understand – causing you to spend even more money. Be sure to seek advice from friends and family who may be able to help.
  • Avoid hoax calls – Criminals are now targeting elderly pensioners by tricking them into giving their bank details over. Take a look at our telephone scams blog entry to see what you need to do in order to avoid becoming a victim. 

Always ask for help 

We hope that these tips come in handy and will help you to avoid becoming worried about your income. You should never be afraid to ask for help from your friends and family – they will be more than happy to help you.

*The full article can be found on The Telegraph’s news website. All figures quotes were taken from that article.
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