Monday, Jan 28, 2008
59% of those surveyed said they would use equity release money to improve the quality of their everyday life
Firstrung: Newcastle Building Society reveals a very bleak outlook for pensioners
New research from Newcastle Building Society Equity Release Service has unveiled the true high cost of being a pensioner. In 2008, Newcastle Equity Release Service predicts that real inflation for pensioners will be up to 7% - more than double the estimated national inflation rate. The main areas responsible for this hike are fuel and food, which, according to the weightings of the Government's pensioner's price index, account for over one-third (14% and 22% respectively) of all pensioners' expenditure.
Posted by converted lurker @ 01:45 PM (365 views) Add Comment
5 Comments
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1. yorkshireman said...
What happens when the house price fall gathers pace ? Will equity release be a viable option then ?
What a shocking state of affairs, made even worse by claims of low inflation.
2. Jc Wilson said...
Baby boomers, born 1946-1966. 42-62 years old today.
Take a look around you in the supermarket, take them away, and their older relations, who is left?
Can they all take their share out of the system?
Your bank holds 5% of your money in cash, the rest they have lent to someone else. Older generations are the savers.
How long before it is clear, BBs cant have their money, and neither will the rest of us..... actually I am 43... soooo... that makes me.......ahhhhhhhhh
3. Orwell said...
Is it any wonder when they don't want the young to have children these days?
4. jack c said...
Pensions have suffered dramatically under Gordo's 10 year stewardship - pensioners drawing equity from their properties to pay for basic living costs such as lighting, food and heating - what a shambles.
5. it_is_going_with_a_bang said...
The sad fact is half of todays's society - whatever age - seems to be using equity to pay for their day to day living.
It is about time Council Tax was capped at whatever the Government wants to say Inflation is.
No..... I hear Gordon say???? Would that be because his inflation figures are complete garbage.