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Bank charges: Half of elderly people 'just getting by'

Many older people may be struggling with bank charges as new research has showed that half of pensions say they are "just getting by" financially.

Age UK, a charity that provides free information, advice and support, has revealed that rising costs in living are causing hardships for many older people, with one in ten saying they are finding it difficult or really struggling to cope financially.

Findings show that one in five pensioners has cut back on their heating and the same number now go out less to save money.

Michelle Mitchell, Age UK's charity director, commented: "At a time when so many people are struggling financially, it is unacceptable that vital benefits are failing to reach some of the poorest and most vulnerable older people in our society. 

"This is money that could make a huge difference to people's quality of life."

Findings of the survey also show that a tenth of pensioners report having outstanding debts, such as a mortgage, credit card or a bank loan.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.
 ADNFCR-2776-ID-800500448-ADNFCR



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