Britain’s over 65’s are amongst the poorest in Europe, and as a result could be most likely to suffer from debt management issues and subsequent poverty.
Our pensioners are worse off than their counterparts in countries such as Poland, Romania and France, according to figures published by the European Commission.
The study, analysing relative poverty across 27 European member states in people over 65, found that almost a third of UK pensioners were at risk of poverty – equal to Lituania with 30 per cent.
Michelle Mitchell, charity director for Age Concern and Help the Aged, said: “In a country where the richest have incomes five times higher than the poorest, older people are disproportionately bearing the burden of this inequality”.
This was echoed by Ivan Cooper, Chairman for leading debt management company Chiltern, who said: “Increasingly we are receiving enquiries from peopel over 65 who are struggling to live off the pension they receive.
“Many have outstanding debt problems that they have taken into retirement with them, but now cannot maintain on their lower income.”
Steve Webb, Shadow Work and Pensions Secretary for the Liberal Democrats, said: “We need a more generous, universal pension based on citizenship that would give pensioners a sense of dignity and a stable income in retirement.”