Impoverished Pensioners Scraping By

Many British pensioners are scraping by on under £5,000 a year, according to a new study.

More than a third of pensioners currently survive on £7,500 a year with a further 17 per cent making ends meet on less than £5,000, according to research from by the Prudential.

Around two thirds of the 480 pensioners surveyed claim they are consequently being forced to skimp on essentials including clothing and even heating in order to make their money go as far as possible.

Roger Ramsden, Prudential UK's executive director, believes that today's workers need to act quickly to stop themselves falling into the same poverty trap.

"Retirement should be about enjoying your free time, perhaps seeing more of the family, or indeed, seeing more of the world. It should not be about cutting back on clothes, heating and doctor’s appointments because of money worries," he said.

Mr Ramsden added: "We know that in the future, private retirement provision will outstrip state retirement provision, which will put even more onus on the individual.

"There has never been a more important time to plan ahead."

More than half of all UK pensioners currently believe that their retirement income needs to increase if they are live a comfortable lifestyle.

Pensioners in the Midlands, the east of England and Wales and the south-west are the worst-off in Britain, with over 50 per cent receiving less than £10,000 in retirement income.

By contrast, those in the south are least likely to be living below the breadline, with just eight per cent living on less than £5,000 a year.

The study also revealed the increasing trend of pensioners returning to the workplace, with one in five currently choosing to do so.

But although 23 per cent were motivated by monetary concerns, most pensioners went back to work simply because they enjoy their jobs.