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Biggest financial worry for
over 65's in the North West is running out of money
THE biggest financial worry for 22% of
people aged 65 and over in the North West is that their savings will run out.
Meanwhile 30% have run out of money before the end of the month. That's
according to a new survey by Independent Age, the older people's charity, to
launch its new free Moneywise advice guide for older people, their families and
carers.
The survey, which took place after the March 2016 Budget, found that, in the
North West:-
► 16% people aged 65 and over don't expect to have the money needed to pay for
their funeral
► Excluding mortgage debt, 28% of people aged 65 and over are in debt and the
average debt is over £3600, twice as much as the national average of £1800 and
the most in debt region of the UK
► The UK City with the most debt is Manchester, with average debts of over £4000
► 11% people aged 65 and over in the North West have debts of more than £5000
There are 11.4 million people aged 65 and over in the UK, and 1.6 million of
them live in poverty; 900,000 of whom live in severe poverty.
Across Britain, pensioners who are not claiming the benefits they're entitled to
are, on average, missing out on £41 a week or £2,100 a year. Spread across the
year, this is the difference between being able to pay for a typical dual fuel
bill versus struggling to heat their home. In total, £3.7 billion goes unclaimed
for all benefits for older people each year.
In terms of unclaimed financial support for people aged 65 and over, the survey
results show that, in the North West:-
► 39% have never checked to see if they would be eligible for benefits such as
Pension Credit or Council Tax Reduction
► 40% didn't know they could get a 25% discount on Council Tax if they live
alone
The survey also found that 23% of people aged 65 and over do not have any money
saved for unexpected costs, such as repairing a broken boiler or paying for a
dental emergency.
15% of those polled in the North West would be interested in a benefits check to
find out what they are entitled to, but wouldn't know how to do it. Independent
Age runs free benefits checks for anyone aged 65 and over who wants to find out
more about what they might be able to claim.
The survey supports the launch of Independent Age's new Moneywise guide, which
provides practical advice and tips to older people, their families and carers on
how to boost income and save money. The guide covers topics such as how to
reduce bills, housing costs, travel costs, how to boost your income and
understanding Benefits and Taxes.
Lucy Harmer, Director of Services at Independent Age, said:- "These
results clearly show that many older people in the North West are worrying about
their finances and don't always know who to turn to for advice. Topping up your
income becomes much more difficult the older you get, but bills still need to be
paid. However, there is help available. Anyone who needs more information about
how to save money and boost their income should order a copy of our free
Moneywise guide or call our free advice line."
The Independent Age Moneywise leaflet can be ordered for free
online or by calling:- 0800 319 6789.
Free benefits checks can be arranged by calling:- 0800 319 6789.
Independent Age is a charity offering free advice and information. The are a UK
registered charity, number 210729. Independent Age is the operating name
of the Royal United Kingdom Beneficent Association. |
