Inflation hits pensioners and parents

The rising cost of living is hitting pensioners and parents. A survey by Age Concern has shown that one in 12 pensioners have seen an increase in debts, as inflation has risen throughout the year.

Age Concern’s report indicates that nearly half of older people are cutting back on essentials like food and heating. It also reveals that almost a third of people eligible for Pension Credit – introduced five years ago, are still not receiving it. This is believed to be due to the fact that pensioners find the forms complicated, some feel there is a stigma attached to claiming these benefits and others don’t even realise they are entitled to it. Those people not currently claiming would receive an additional £1,477 per year – vital in these awkward times. Age Concern is calling for the development of an automated payments system to ensure that all who should receive this money, do so.

A separate survey by National Savings and Investments (NS&I) has revealed that parents have increased overdrafts to help with child related expenses in 2008. Around 25% have funded education, trips and sporting fees by use of credit cards. The survey also shows that, of over 3,000 people questioned, only 6% expected their children to be self-sufficient by 18. An amazing 16% expected to have to support their children financially for the rest of their own lives.

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