Bankruptcy a growing concern for pensioners
By Nigel in Bankruptcy, Debt, Debt Advice on 7 April 2010
Welcome to the latest edition of my blog and I hope you all had a pleasant and relaxing Easter Break.
Earlier this week, I read a research report by Prudential, the financial management and investment company. One of the points that stood out the most is that people retiring this year are extremely concerned regarding the amount of money their pension will be worth.
So what does this mean in real terms? Pensioners retiring this year believe they will receive £1,270 a year less than those who entered retirement in 2009 and more than £2,150 less than those who retired in 2008. Almost one fifth of pensioners expect to receive £10,000 or less.
Andy Brown, director of investment funds at Prudential, said that the recession has clearly had a major impact on peoples’ expectations of their pensions and they had adjusted their expectations as a result of the economic turmoil of the last couple of years.
Added to this is the fact that there has been a drastic fall in housing prices and those who were depending on their home equity to help them manage their finances are now facing a negative equity situation.
Again, this report highlights the need for people regardless of age to act quickly if the burden of debt is becoming unbearable. Remember – help and advice is freely available. ClearStart is here to provide expert debt advice for different debt solutions including IVA and Debt Management Plans.
On a lighter note, if you are a golfing fan – enjoy the Masters this week!
