Are you one of a growing number of ‘Wearies’?

According to a new report a growing band of pensioners, dubbed ‘Wearies’ will be forced to work past their normal retirement age to supplement their falling pension and to help makes ends meet. The report commissioned by the pension provider Friends Life, and produced by the think tank Future Foundation, claims that a new generation of ‘Wearies’, working, entrepreneurial and active retirees, is being produced as a result of the current pensions crisis. If the report’s findings are true the traditional view of retirement will be shattered, replaced by a group of people forced to work to help make ends meet after ...

Families will see household incomes fall sharply over coming years

Figures calculated by the Institute for Financial Studies (IFS) for the Family and Parenting Institute (FPI), an independent charity, show that families with children will be on average £1,250 worse off each year by 2015/16. The predicted drop equates to an average fall in household income of 4.2% per year over the next five years. Households without children are predicted to see a smaller fall in household income of £215 per year, equivalent to 0.9%. In an effort to help reduce the size of the deficit the coalition government have already increased VAT to 20% reduced housing benefits and tax credits, frozen child ...

Over 50? What are your biggest fears?

You might be forgiven for thinking that crime or health would be the greatest concerns for older generations but new research shows that there are more pressing concerns. Research by Saga has shown that inflation and the financial future of their children are the issues causing the UK’s 21 million over 50’s sleepless nights. Inflation The latest Saga Index, which tracks the standard of living, happiness and health of people over the age of 50, has found that older generations are worried about inflation. The survey of 10,000 people found that the average prediction for the rate of inflation was 5.2%, although some ...

Pensioners see incomes fall by £4,000 a year in real terms

New research has shown that the Bank of England’s decisions on interest rates and Quantitative easing (QE) since the credit crunch have made pensioners significantly worse off in real terms. Historically low interest rates, rising inflation and Bank’s £275 million of QE is having a disastrous affect on pensioners incomes and savings. Pensioners are being hit from three different sides. Firstly high inflation is eating away at the purchasing power of pensions. Secondly a combination of low interest rates and high inflation reducing the true value of savings and finally low gilt yields, which are partially due to the policy of QE, are ...