Life Insurance -
Norwich Union: OAPs in cash crisis - 18/10/2007
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Some of Britain's most vulnerable citizens are facing an ongoing financial crisis, life insurance provider Norwich Union has said.
The majority of pensioners manage to scrimp and save their way through funds of less than £10,000 per year - with one in five of those polled found to be "troubled" by basic home-running costs such as household bills.
As insurance cover, including life insurance cover, is often seen by consumers as an 'optional extra', the findings make worrying reading.
Dominic Fraser-Smith, group product manager at Norwich Union Post Retirement Products, commented: "This research paints a concerning picture of the struggles faced by the UK's over-60 population.
"Their golden years should be spent enjoying the fruits of their labour rather than worrying about their finances."
Norwich Union also found that 32 per cent of over-60s have taken general cost cutting measures following their retirement - and that 11 per cent have even stopped taking holidays.
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