Newcastle Building Society: Many relying on state pension for home adaptations

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Newcastle Building Society: Many relying on state pension for home adaptations

Wed 17th Sep 2008

More than a third of people aged over 55 are relying on their state pension to fund their old age, according to new research.

Newcastle Building Society found that nearly half (46 per cent) of people in this age group anticipate expensive home adaptations such as stairlifts and handrails.

But 37 per cent would have to use their state pension to fund such costs.

Almost half (47 per cent) said they would use savings while 30 per cent could fall back on a private pension.

Just nine per cent would consider using their home to access money for such costs.

Meanwhile, Engage Mutual Assurance has found that six in ten people cannot afford healthcare costs.

Of those having difficulty, 43 per cent polled cannot afford regular check ups at the doctor or dentist, or dental treatment, its study found.

Families with young children are suffering the most, with 70 per cent of those questioned finding some sort of health cost unaffordable.

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