State pension: Pensioners discuss impact of inflation
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
Inflationary increases, difficulties in the NHS and social care, and rising energy bills are all major concerns for older people. A survey undertaken by Age UK has shown many older people are keen for these issues to be addressed by whoever becomes the next Prime Minister.
More than half of those asked said the restoration of the triple lock next year and cost of living help was what they wanted to see most.
Older people are now calling for clear support to be laid out by the candidates for the Tory leadership to allay fears they have about this winter.
One pensioner told Age UK: “Older people are not all wealthy, and some of us are struggling to keep up with bills as well as feed ourselves.
“This is almost like going back to January 1940 for some of us, when rationing was introduced during World War Two.”
Nationwide offers 5% interest rate and up to £125 cash for savers [INSIGHT]
‘Real difference!’ Pensioner, 67, boosts income by over £80 a week [LATEST]
‘Say yes!’ Married couples could slash their tax bill by £1,242 [UPDATE]
While another older person added: “We need a decent rise in our pension each year so we can keep up with inflation and not just get poorer every year.
“Heating and food are my main concern. At present I am cutting back on food, buying cheaper brands, not buying clothes just so I can put enough by to pay for oil and electric. Only use my car when I really have to.
“So we definitely need the triple lock in place otherwise we will have to choose between food or heating.”
Age UK has written to the two candidates for leader of the party urging them to make a “clear and unequivocal public statement” about their commitment to the triple lock and help for older people.
Recent research from Aegon has also shown Britons’ financial priorities are no longer for enjoying life, but simply just “getting by”.
The biggest shift in financial priorities was discovered amongst the over 55s, found to be particularly concerned at the prospect of retiring on a fixed income in the current crisis.
Steven Cameron, Pensions Director at Aegon, added: “With inflation at its highest since the 1980s and predictions suggesting it could reach above 18 percent in January, there’s no doubt now is an incredibly financially challenging time for everyone and as a result financial priorities have changed.
“The findings are a clear reflection of the nation’s mood and reinforce that cost-of-living will be one of the biggest challenges facing the new Prime Minister when appointed on September 5.”
What is happening where you live? Find out by adding your postcode or visit InYourArea
Back in June, the now former Chancellor Rishi Sunak defended restoring the state pension triple lock, stating pensioners should be protected.
More recently, at a hustings in Darlington, Mr Sunak said he would offer hundreds of pounds of extra support for people who are “most vulnerable” in paying their energy bills.
He added people should be “under no illusion how difficult it is going to be” this winter.
This week, Ms Truss hinted at further potential support for pensioners, and those who are financially vulnerable.
Speaking at a hustings, she told Times Radio’s John Pienaar: “Of course, in any fiscal event, a chancellor has to look at people on fixed incomes.”
Ms Truss has publicly stated she intends to raise the state pension next year as the triple lock comes back into force.
Source: Read Full Article