Living on a low income in later life is very hard work. Every penny has to be watched. Shopping lists have to be kept to. Money has to be saved for bills. There is no room for luxuries.
Age UK has launched a report 'Living on a low income in later life' to examine this important issue:
Download 'Living on a low income in later life' (report overview) (PDF, 660kb)
Download 'Living on a low income in later life' (full report) (PDF, 2MB)
In the following video, 4 people in later life talk about how they manage their money:
View a transcript of this video
Many pensioners cope because of their extreme resourcefulness and determination not to get into debt – something they are proud of. They prioritise paying their household bills, shop around for good deals when they can, and go without things that many people would take for granted, such as replacing broken household goods or holidays.
But with their income being stretched by rising costs, many pensioners fear running out of options for juggling their budgets:
If older people's already overstretched incomes take any further hits, thousands more will be plunged into poverty.
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HM Revenue & Customs help ensure that the money is available to fund the UK's public services. They also provide targeted financial support to families and individuals. Visit their ‘Contact us’ section to enquire about taxable income.
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