Stock market crash means pensioners are worse off

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Stock market crash means pensioners are worse off

Mon 1st Dec 2008

Research published today reveals that significant numbers of retirees could be left struggling financially because of the collapse of the stock market.

The study, conducted by uSwitch.com, found that 24 per cent of pensioners, or nearly three million people, are relying on shares to fund them through their old age.

According to the price comparison site, one in ten people in the UK say they cannot afford to retire, although nearly one-fifth of these people are already over the standard retirement age of 65.

Ann Robinson, the director of consumer policy at uSwitch.com, said: "Even though times are tough, it is important that people review their financial position in order to invest what they can to secure a better future. Every penny really does count."

For those whose pension funds have collapsed with the stock market, last week's warning by pension experts - that the government may struggle to pay state pensions after 2010 - can have brought little comfort.

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