British pensioners `amongst poorest in Europe`

28 July 2009

Official figures have shown that the number of British pensioners living in poverty is among the highest in Europe, according to The Telegraph.

Statistics from the European Union (EU) have shown that on average, pensioners from poorer countries such as Romania and Poland fare better than their British counterparts. Britain has the same level of `pensioner poverty` as Lithuania.

Pensioners have been dealt a double blow in recent months. Many of those who rely on interest from savings to supplement their income have suffered due to historically low interest rates, and weak stock markets have reduced the value of pension schemes during the economic downturn.

A debt expert for Think Money said: "Some people might associate debt problems with younger generations, but the reality is that anyone who experiences a fall in income is at risk of debt. In the current climate, pensioners in particular may be at risk.

"The important thing is that anyone who finds themselves struggling seeks debt advice immediately. Debts can grow quickly if they`re left unpaid, so the sooner the problem is addressed, the better."

Tags: pension, pension schemes, pensioners, scheme, stock market, stocks, shares, downturn, economy, debt, povery, European Union

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