Half of Pensioners Rely on Benefits, Perks and Discounts to Maintain Their Quality of Life
29 July 2016
- Average annual pensioner benefits and concessions worth £17,500
- Pensioners say OAP discounts save them more than £1,000 a year on discretionary spending
- More than one in three could not afford a trip to the dentist or optician if charged the full going rate
More than half (51 per cent) of pensioners would have to make significant alterations to their lifestyles if it wasn’t for the range of benefits, discounts and concessions they currently receive, according to new research and analysis by Prudential1. In fact, the average retired household benefits by as much as £17,500 a year from direct and indirect financial support.
Following on from its revelation earlier this year that one in seven people retiring in 2016 will be reliant on the State Pension, Prudential has delved further into how much pensioners rely on government backed benefits and discounts available on discretionary spending to maintain their quality of life.
The latest available ONS data2 for the 2014-15 tax year shows that, on average, retired households received a total of £11,227 a year in cash benefits from the State, including £8,954 from the State Pension and £2,273 in additional benefits such as housing benefit and attendance allowance.
The other major piece of the jigsaw of financial support received by pensioners is made up of benefits in kind such as healthcare and travel subsidies. According to ONS figures, benefits in kind are worth £6,274 each year to the average pensioner.
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