We have seen an increase in the number of older people enquiring about debt.

One case that recently came to light was that of Stanely Sheinwald from Hatch End‚ London. Stanely‚ 68‚ a former insurance broker‚ has been using interest free credit cards to make ends meet and has built up £4‚000 debt.

He said: “It’s high time the UK’s pensioners came out and stood for their rights. We live in the fourth richest country in the world and yet can’t afford to give older people a decent pension.”

Gordon Lishman‚ Director General of Age Concern England said:

“It’s a disgrace that two million people are living in poverty and millions more face the same fate.

“With so many pensioners living on low incomes‚ it isn’t surprising that some are borrowing money and using credit to make ends meet. Older people have historically been reluctant to get into debt but many now feel that they have no other choice.

“However‚ getting into debt is not a decision to be taken lightly and can lead to further problems. With the Government switching the emphasis from the state to the individual to provide for later life‚ retirement is likely to come as a shock for those not saving enough.

“We need radical pensions reform which tackles the scandal of pensioner poverty and allows everybody the opportunity to build a decent retirement income.

“The Government must ensure the needs of modest to low earners and women – who are at particular risk of poverty in retirement – are at the very heart of the pensions debate.”

* Do you know of an older person that struggles to make ends meet or do you struggle to make ends meet yourself? If so the Age Concern media team would like to hear your story.

Media contact:

John Lavabre
Telephone:
020 8765 7515
Email:
Media Team