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Help the Aged: Older people should be able to splash their cash

Help the Aged: Older people should be able to splash their cash
3rd June 2008

Older people should be able to spend their money on enjoying themselves rather than worrying about leaving money to their family, a charity has asserted.

Help the Aged claims that many older individuals are living a poor lifestyle in order to keep their savings intact for their children.

David Sinclair, head of policy at the charity, says he would encourage people to spend what they need to live a good life.

"Clearly people do want to support their family but at the same time the older population, having earned their money, has the right to spend it as well," he adds.

Help the Aged's comments follow research from Saga showing that 12 per cent of over-50s say they will leave their homes' equity untouched for their offspring to inherit.

According to Age Concern, 2.2 million pensioners before housing costs and 1.8 million after housing costs are in poverty and surviving on an income that is less than 60 per cent of the population's median wage.