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State pension is not enough
06 August 2008
Retirees can not afford to live off the state pension alone as it will not provide enough financial support, according to Prudential.
While the state pension is celebrating its 100th anniversary it is no longer an adequate provision for people to live off, claims the head of business development for individual pensions at Prudential.
Julie Mulvanny said: "I don't think it [the state pension] provides enough even for the basic cost of living, hence why there are all sorts of other benefits for these people who rely purely on pensions to try and qualify for."
According to Ms Mulvanny, people need to be saving more from when they start earning in order to avoid joining the millions of pensioners who live in poverty.
"[People] need to get into that habit of saving in order to provide a decent retirement for themselves," she added.
Research by Age Concern revealed that 2.2 million pensioners live in poverty, before housing costs which decreases to 1.8 million after housing costs.
