A recent survey conducted by older person’s charity Independent Age has revealed the biggest financial concerns of those aged over 65 in the UK.
The survey showed that almost a quarter of people over 65 worry their savings will run out, with one in 13 most concerned about paying for help and support if they need it, including care costs.
The survey, carried out amongst 2000 people, also showed that 31% of older people run out of money before the end of the month.
Another concerning statistic was the 11% of those surveyed that said they are concerned they won’t have the money needed to pay for their funeral and the 7% of which who expect a relative or friend to cover the costs.
Excluding mortgage debt, the research highlighted that a quarter of those in the over 65 age bracket are in debt with an average debt of £1800 and over - 8% of those surveyed have debts of more than £5000.
According to the DWP pensioners who are not claiming the benefits they’re entitled to are, on average, missing out on £41 a week or £2,100 a year. Spread across the year, this equates to being able to pay for a typical dual-fuel bill or struggling to heat their home. In total, £3.7 billion goes unclaimed for all benefits for older people each year.
The survey showed that 39% have never checked to see if they would be eligible for benefits such as Pension Credit or Council Tax Reduction and 48% didn’t know they could get a 25% discount on Council Tax if they live alone.
21% of those surveyed stated they do not have any money saved for unexpected costs, over one-quarter would turn to family and friends if they needed financial advice and 6% wouldn’t know where to turn.
One in six of those polled would be interested in a benefits check to find out what they are entitled to, but wouldn’t know how to do it.
In light of the results of this survey Independent Age have launched a Moneywise guide to provide advice for older people, their families and carers on how to boost income and save money.
Lucy Harmer, Director of Services at Independent Age, said: “These results clearly show that many older people are worrying about their finances and don’t always know who to turn to for advice. Topping up your income becomes much more difficult the older you get, but bills still need to be paid. However, there is help available. Anyone who needs more information about how to save money and boost their income should order a copy of our free Moneywise guide or call our free advice line.”
