State Pension Should Increase To Curb Debt
The only way to reduce debt for the elderly is to increase their state pension by at least 50%. Debt help should come in the form of free impartial advice. There are 'not for profit' organizations and charities that want to help you find the right
Debt solutions.
At present, a retired couple need at least £208 a week to survive and a single pensioner needs a weekly sum of £131. This is a stark difference to the £139.60 for a couple and £87.30 that a single pensioner currently receives. These figures show that one in five pensioners are living way below the poverty line, and this figure will continue to increase over the next five years.
Although pensions have increased slightly, this rise does not fall in line with the personal needs of an elderly person. It has been estimated that a single OAP needs to budget around £33.20 per week for food and a couple need at least £63.70. Add to this the cost of travel, special diets, energy costs, housing repairs and other personal needs, and there simply isn’t enough money to cover all of their expenses.
It is estimated that 40% of pensioners have a disability and these would require an even higher increase than those who are fit and able.
With the situation as it currently stands, pensioners will not be able to enjoy the relaxation and peace of mind that they so rightly deserve. They will not enjoy a good quality of life in their golden years, and will spend their retirement worrying about Debt and how to make the pennies stretch.
The British state pension is one of the lowest pensions in the developed world and for many; it is simply not enough to live on.
