The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
This is MoneyLow interest rates hit Nationwide's profits as building society says it will axe car insurance service in JuneThis is MoneyNationwide, which is the second biggest mortgage lender in the UK, said net interest margins were also hit by rising competition in the mortgage market. However, it continued to attract more customers, with mortgage lending rising 3 per cent £33.7billion.and more »
The GuardianGreece fails to win debt deal, as UK budget deficit widens - business liveThe GuardianInstead of loading up the UK's credit card with no comprehensive strategy to pay off these financial obligations, this money could be used to tackle key issues across all party manifestos, such as social care, education, and intelligent infrastructure ...
BBC NewsDebt fears remain despite manifesto 'breathing space' plansBBC NewsThere is a risk to UK economic stability too, with lenders standing to lose much more on their consumer credit loans than they would on mortgage lending if there is an economic downturn and their borrowers default on their credit card and other ...and more »
TheStreet.comGet Your Head Into the Cloud: Cramer's 'Mad Money' Recap (Monday 5/22/17)TheStreet.comWhy is Diageo gaining from an independent UK? Cramer said it's because ... Cramer said when the credit card issuers reported last week, their stocks got hammered, with CapitalOne (COF) off 3% and Synchrony Financial (SYF) falling by 15%. The reason?
MarketWatchThe lower your self-esteem, the flashier your credit cardMarketWatchA platinum credit card is typically associated with high social status, but new research suggests that people will choose one of these cards because it signifies higher income “over and above its benefits. Economists worked with an Indonesian bank that ...
Have you met...
Latest Members:


Member name


jianbin0519


annawarren


Gutter cleaning


paugasol


RyanMurphy


slidebushing

 

General News

Email this story to a friend:

Pensioners' income falls by almost a quarter in a year.

As interest rates hit historically low levels, more than 8 million UK pensioners have seen their monthly income fall by almost 25% from 12 months says SHIP (Safe Home Income Plans) - the trade body that represents the majority of regulated UK equity release providers. 20-04-2009

 With 8 out of every 10 UK pensioners relying on savings or share-based investment income to help fund day-to-day living expenses, this new research illustrates the shocking effects the base rate changes have had on pensioners’ income.

 

In April 2008, the average pensioner was enjoying a monthly return of £158 from their savings if they kept the capital in an easy access base rate tracker account.  This was in addition to their monthly state pension of £393 and accounted for 28.62% of their overall income.  Those couples - who had managed to save double that of singletons - saw their monthly income boosted by £315 which accounted for 33.39% of their overall income.

 

However, as the base rate has fallen so has the amount of income over 65's can derive from their savings and the modest monthly increase in the state pension over this period (single: £20 and couple: £31) has done little to address this problem.   Since April 2008, single pensioners have seen their savings income dwindles to just £16 per month (4% of income) and pensioner couples have seen it fall to £32 (5% of income).


If you are in this position and thinking of increasing your income through an equity release scheme get independent financial advice.

Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks