Elderly losing out on £5bn benefits pot
One in four people older than 65 are struggling to cope financially, yet up to £5.5bn in state financial help is going unclaimed each year.
There are two key reasons. First, some people are simply too proud or embarrassed to claim for benefits. But others don't know that they can apply for financial help and in some cases are wrongly told by officials that they aren't eligible.
Age UK is warning that more must be done to get vital benefits cash to those who need it, as its new research reveals that a quarter of all over-65s feel financially worse off compared with this time last year, and a third are worried about the general cost of living.
The Government's own figures show that one in 10 pensioners would not be able to pay an unexpected expense of £200, to replace a broken washing machine, for example, and half of those who could afford to pay would have to dip into their savings to do so.
Yet millions of older people who are struggling to survive on a meagre income could be entitled to benefits such as Pension Credit, which if claimed, could provide a boost to their weekly incomes.
In fact, if everyone who is eligible for Pension Credit made a claim, it could increase their income by an average of £1,716 a year – which would more than cover the average dual-fuel bill which currently stands at £1,271 a year.
Compounding the misery of living in poverty, many of the poorest pensioners also have to pay more for other services such as gas, electricity, insurance and banking, says Age UK.
To order a free copy of the charity's updated More Money in Your Pocket guide or for further information and advice, call Age UK Advice free on 0800 169 65 65 or visit www.ageuk.org.uk/letstalkmoney