Two million pensioners `living in poverty`

28 January 2010

New figures released by the Office for National Statistics have shown that two million pensioners are currently living in poverty, according to the Daily Mail.

Half of these are living on their own and are living in `fuel poverty` - they are spending more than 10% of their income on heating and electricity for their home.

Pensioners living on a low income could find themselves at a greater risk of debt in the event of any unexpected costs, a spokesperson for debt management company Gregory Pennington warned.

"Most people experience a significant fall in income when they retire, but for some this can be more serious than others. It depends on how they have saved for retirement, and what costs of living they still have to deal with. Many go into retirement still paying off debt.

"Anyone struggling with debt, regardless of age, should discuss their situation with a debt adviser as soon as the problem starts."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.

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Gregory Pennington is a member of DEMSA whose code of conduct is approved by the Office of Fair Trading.