One in four over-65s are struggling with their finances, according to new research published by Age UK today, despite an estimated £3.5billion in Pension Credit and Housing Benefit going unclaimed each year.
The latest government figures show that pensioner poverty is on the rise, with 1.9 million pensioners now living below the poverty line.
In light of these statistics the charity is urging older people to find out if they’re entitled to some extra financial support.
The government’s latest figures show that 10% of people aged 65+ would not be able to pay an unexpected expense of £200.
Yet millions of older people who are struggling to survive on a low income could be entitled to benefits such as Pension Credit, which has slightly increased this month and could help subsidise their weekly income by an average of £42 a week.
Age UK has published a range of free guides to help people navigate the benefits system and has trained advisers on hand all year round to offer support. The charity's More money in your pocket guide has also been updated to reflect benefit changes which came into effect earlier this month.
Caroline Abrahams, Charity Director at Age UK, said: "Managing on a low, fixed income is really tough, and many people face a daily struggle just to afford the basics. That’s why is it so important that every older person who is entitled to claim benefits does so. Every day Age UK helps people to claim what they are entitled to, and every day we hear how much of a difference the money makes, how surprised people are by how straightforward the process is with the help of an adviser, and how much less they have to worry about everyday bills.
"It is shameful that despite millions of older people struggling financially, around £3.5 billion in money benefits remains unclaimed every year when this extra income could make a huge difference to their lives. We would urge anyone who is worried about their finances, or an older family member or friend, to get in touch with us for free, impartial information and advice."
