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A quarter of over 55s surviving on £24 a day
17/11/2011
Aviva have recently reported that 25% of over-55s are living on an income of only £24 per day, or less. The older generation is being forced to spend less on food and manage an income that has little savings, large debts and no pension.
Up to 7% of over-75s still have a mortgage, which is a time of life when you expect to be debt free. What’s more, millions of pensioners are reported as having little or no savings for the future.
Saga identified that more than 60% of the over-50s have seen a fall in their lifestyles over the past year with cutbacks on the usage of their vehicles, buying clothes, holidays and eating out.
Homeowners aged over 55 years who are being forced to cutback on spending and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice.
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