Pensioners – and their biggest money worries

THE biggest financial worry for over a fifth of people aged 65 and over in the North West is that their savings will run out.
Meanwhile almost a third  have run out of money before the end of the month.
That’s according to a new survey by Independent Age, the older people’s charity, to launch its new free Moneywise advice guide for older people, their families and carers.
The survey, which took place after the March Budget, found that, in the North West:
* One in six people aged 65 and over don’t expect to have the money needed to pay for their funeral
* Excluding mortgage debt, over a quarter of people aged 65 and over are in debt and the average debt is over £3600, twice as much as the national average of £1800 and the most in-debt region of the UK.
* The UK city with the most debt is Manchester, with average debts of over £4000
* One in nine people aged 65 and over in the North West have debts of more than £5000.
But at the same time, almost two in five pensioners have never checked to see if they would be eligible for benefits such as Pension Credit or Council Tax Reduction.
Two-fifths didn’t know they could get a 25 per cent discount on Council Tax if they live alone.
The survey also found that almost a quarter of people aged 65 and over do not have any money saved for unexpected costs, such as repairing a broken boiler or paying for a dental emergency.
One in seven  of those polled in the North West would be interested in a benefits check to find out what they are entitled to, but wouldn’t know how to do it. Independent Age runs free benefits checks for anyone aged 65 and over who wants to find out more about what they might be able to claim.
The Independent Age Moneywise leaflet can be ordered for free via www.independentage.org/moneywise or by calling 0800 319 6789. Free benefits checks can be arranged by calling 0800 319 6789.