Poverty forces pensioners back to work

Almost
three million pensioners are going back to work because they cannot afford to
live on their retirement income, according to the Prudential.

The
insurance company’s Retirement Index shows that one in four retired people are
forced back into work because they cannot survive on the average household
income of £14,648.

Desperation
has reached a new high, with almost 250,000 pensioners saying they would commit
or consider committing a crime to make up their income, which falls by an
average of £4,164 when a person retires.

A
recent survey by Virgin Money showed that almost half of 16 to 24-year-olds
believe they will not save enough money to allow early retirement.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

Email(Required)

OptOut

From time to time, we will send you emails about selected products, events and services from Personnel Today - but you can choose to opt-out at any time. If you do not wish to receive these emails, please tick this box.

Name

This field is for validation purposes and should be left unchanged.

Δ

The
study said that 47 per cent believe they aren’t saving enough for later life,
with almost two-thirds claiming they are more concerned with ‘living for
today’.

By Michael Millar