UK pensions provider Prudential has published research suggesting around 1.4 million pensioners are having to survive on £8.49 a day after they have paid council tax, water, and electricity bills.
The study shows that the average full basic state pension totals just £4,381 a year today and many pensioners do not have many, if any, additional funds for living expenses. This equates to under £60 a week to live on, after paying bills.
"It's worrying to think that such a large number of pensioners in this country live on £5,000 or less a year," Angus Maciver, Prudential UK director, said.
"How many of us could truly say that we could manage on what works out to be just £8.49 a day?"
"What's more, this struggle isn't just for a couple of years. Retirement is now roughly 25 years long for the average person, but who wants to spend what's nearly a third of their life struggling by on less than a tenner a day?" Mr Maciver asked.
The findings bring home the importance of establishing pension savings as early as possible so that, come retirement, pensioners have catered for the cost of living.To read more about pensions, click here.
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