Response to Sesame Debt Survey 2006

15 September 2006

Age Concern England's Director General, Gordon Lishman, said:

"Inadequate pensions and the huge hikes in water rates, council tax bills and energy prices are placing an overwhelming financial burden on many  pensioners. But older people are less likely to be in debt because of over-spending and more likely to be in debt because of significant life changes such as retirement, illness, disability and bereavement.

"An increasing number of pensioners who are 'asset rich' but 'cash poor' are turning to equity release to raise some extra cash. But the decision to release equity in this way is a major commitment and should never be undertaken lightly. We would urge older people struggling to manage to first check they are receiving all the benefits they are entitled to and explore all their other options.

"A generous pensions settlement is urgently needed to tackle the scourge of spiralling debts for today's and tomorrow's pensioners."