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Pensioners should not be afraid to spend their money, claims Help the Aged
03 June 2008
Pensioners should not worry about leaving an inheritance and spend what they need, claims Help the Aged.
With 2.2 million pensioners living in poverty before housing costs, according to Age Concern, older people should spend their money to maintain a comfortable lifestyle.
David Sinclair, head of policy at Help the Aged said: "We'd encourage older people to spend what they need. There is a group of the population who want to leave money to their grandchildren and they are not spending the money they really should be spending."
While some older people want to protect their family by leaving them a large inheritance they should not sacrifice their wellbeing in the process.
"People do want to support their family but at the same time, the older population having earned their money has the right to spend it as well," said Mr Sinclair.
Research by Age Concern revealed that 21 per cent of single male pensioners and 25 per cent of single female pensioners are living in poverty before housing costs.
