Retired people 'living cautiously to save money'

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Retired people 'living cautiously to save money'

Thu 14th Jul 2011

Increasing numbers of retired employees are forced to live a cautious lifestyle in a bid to save money, a new study has suggested.

Research conducted by insurance company Prudential revealed that 43 per cent of older people struggled to conserve funds as a result of low pensions.

This news comes after the firm reported a significant increase to the number of individuals accepting a lump sum from their former employer upon retirement.

Following this, one in ten participants has questioned the benefits of taking the tax-free money in a bid to make their pension pot last longer.

Vince Smith Hughes, head of business development at Prudential, said: "Some pensioners are beginning to regret the way they used the tax-free cash. The days of buying a shiny new car or going on a once-in-a-lifetime holiday may be gone."

Meanwhile, the Trades Union Congress has labeled the government's publication of public sector liabilities as a publicity stunt to engage people's support, Money Marketing reports.

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