Skipton Building Society: Pensioners need more help

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Skipton Building Society: Pensioners need more help

Fri 12th Dec 2008

Skipton Building Society has backed calls for the government to offer pensioners more financial support during the recession.

According to a survey published by the pensions provider earlier this year, pensioners had cut back on their outgoings more than the average adult because of the credit crunch.

Skipton claims that pensioners are being hit hardest by the crisis, with its research revealing that 84 per cent of over 55s have been forced to make cutbacks, compared to the adult average of 58 per cent.

David Cutter, deputy chief executive of Skipton Building Society, said: "Pensioners are particularly sensitive to changes in interest rates and their cost of living.

"Cuts in interest rates have seen [pension] returns fall by around 40 per cent in the last few months."

Last month, a survey by the charity Age Concern revealed that two-thirds of pensioners are worried they will struggle to stay warm this winter because of the rise in energy prices.

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