Wise and foolish virgins

The gap between the “haves” and “have nots” in terms of pension provision is widening daily.

At one end of the scale those with fat, assured, protected pensions are sheltered from the economic woes of the majority of the ageing workforce. At the other end those with inadequate pensions face a future in which they will have to work for as long as possible before spending their remaining years in penury. Unfortunately this latter scenario is not necessarily a result of a lifetime of profligacy and reckless abandon; there are numerous reasons why those who have worked hard and done their best to save throughout their working lives still find themselves in a relatively pension-less situation.

Human nature being what it is one can see that this is going to cause problems. Working past normal retirement age may become a stigma – a sign to the rest of the world that the individual hasn’t managed their financial affairs properly and can’t afford to retire. The only antidote to this sorry state will be a change of attitude that sees later life working as desirable and aspirational – something to be valued and sought after even by those who don’t “need” the money. Many years ago there was a TV advertisement for a diet product which featured a (slim) woman saying “I eat xxx because I like to, not because I have to”. Something similar needs to be done, starting soon,  to improve the image of later life working.

Let’s hear it for embarrassment

Some words have incredible resonance. Wisdom, optimism, resilience.  They mean a lot; they make you stop and think.  In the midst of the onslaught of information we’re all subjected to on an hourly basis, it’s good to be challenged.

On such word, and one that you don’t see too often in the media, crossed my radar this week. Embarrassed. Now that’s a word that flags you down with all the impact of an elephant at a tea party. It was raised in a Daily Express report relating the fact that this week Iceland sent over a container load of woollen jumpers, socks and blankets to keep our pensioners warm. This followed an appeal on an Icelandic radio show after a recent Daily Express story had warned that up to one in 12 UK pensioners could die this winter because of the cold weather.

In the Daily Express report Mervyn Kohler, Special Adviser for Help the Aged, said: “It is a scandal that the UK Government has proved so incapable of keeping our older people warm that other countries have felt the need to help out. While it is very generous of the people of Iceland to send warm clothing, the UK Government should be ashamed that in the fifth richest nation of the world our older people have to rely on the charity of others. It’s high time the Government tackled the national embarrassment of fuel poverty once and for all.”

The Daily Express crusade Respect for the Elderly has called on the Government to ensure that pensioners can keep warm through the winter by increasing pensions and fuel payments. “In my prime” calls on everyone in the UK to be highly and permanently embarrassed about the way we treat our old people – and to do something about it.

Inflation rate facing the elderly hits a six-year high of 7.8%

Inflation rate facing the 75 year olds jumped to 7.8% in September, the highest level in Alliance Trust Research Centre’s six year study and 50% higher than the official rate of inflation of 5.2%.

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(Source: Alliance Trust)

Pensioners cut back as £3bn is unclaimed

More than half of older people are having to cut back on essentials such as heating and food because of the rising cost of living – while almost £3bn of State pension aid goes unclaimed each year.

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(Source: This is Money)