In research conducted by the London School of Economics (LSE) for the British Gas/Help the Aged Partnership, pensioners could be losing out on a total of some 50,000 pounds over the course of their lifetime by not claiming all the money they are entitled to receive. According to the company, about half of all the country's older citizens are eligible to claim enough cash to cover their heating costs and be lifted out of 'fuel poverty'. And as a result of getting such help with their finances, people may find that they are in a better position to meet other demands on their spending such as mortgages, credit cards and loan costs. Overall, the LSE suggested that a total of 4.5 billion pounds in unclaimed benefits for older people is lying in government coffers.
Pointing to the typical case of unclaimed benefits, it was suggested that a 65-year-old woman who does not make the most of what she is entitled to is losing out on some 25 pounds per week. Consequently, such a consumer could be receiving more than 30,000 pounds over the remainder of her expected lifetime. In turn, this is a figure that could greatly reduce the constraints on many consumers' finances, whether this is related to making loan repayments or paying off credit cards.
Meanwhile, getting an extra 50 pounds per week would equate to yet more in additional benefits. However, the study also uncovered that about one in three pensioners do not know where to go to seek help with benefits - a statistic that may indicate that many older people may struggle in receiving advice with their personal finances.
Commenting on the LSE findings, Anna Pearson, spokesperson for the British Gas/Help the Aged Partnership, said: "Our recent research revealed that more than one million older people cut back on food to cover their heating costs. With individual pensioners possibly eligible for up to 50,000 pounds, our message to older people is - you've got to claim it to gain it."
As a result, the partnership has called on the government to bring in an automatic benefit payment scheme for older people, as well as putting more money into face-to-face financial advisory programmes.
Similar concerns were echoed earlier this year. According to Helen Wanless, senior press officer at Age Concern, one in three Britons aged 60 and above are unaware that they are able to receive pension credits. She added that many people found the claiming process to be too complicated, although getting such money could well provide help with money management for many people. According to the Commons public accounts committee some 1.6 million of the over-60s could be missing out on about 2.1 billion pounds which is waiting to be claimed. Consequently, Ms Wanless urged that the government must do more in boosting consumers' awareness of such a product. However, even after receiving credits should consumers discover that they still have problems in managing their finances, applying for a cheap loan could be one way in which to provide help with spending.
Older people love to travel and not stay at home all the time. Increasingly elder people are getting out there and learning more about travel. If you are an older person, you are going to be interested in taking more summer vacations. You might wander what is going to be the best summer travel spot for you.
There are so many places to see around the world. There are so many to choose from that you can pick any type of attraction and destination that you would like. You can do many different things and enjoy your time off. The first thing to do when looking for a place to travel is to think about the activities that you would want to do when you are away.
Many seniors will like having many different activities to do. If you like to golf then going to a great resort will be a good idea. If you want to go to the beach, you will be glad to see there are so many to choose from. There is so much to do and you will want to take it all in. Thinking about what you want to spend your time doing will be hard but it is something that you need to do.
Finding just the right type of activity to do is going to be a lot of fun. However there are some things that you will want to stay away from. Some places are more for the younger group of travelers. Many older people do not like the noisy music and all the partying. Large amounts of drinking are another activity that many seniors do not like at all.
Going on some of the vacations that you may want may be expensive. If you are someone that can take on the high cost of a far off travel destination, you may want to go somewhere overseas. This is going to be the best idea for a senior to take on to see the wanders of the world. You should research this idea and make sure that you are healthy enough and can take on the challenge of a long ride before you think about committing to this type of vacation.
There are so many places overseas to travel. You can go to France, Italy and even Spain. They are very exciting and have a lot of history behind them. You will love all the great attractions and you will want to check out the different sites that are offered. Take the opportunity to have a tour guide with you so that you can learn as much as possible about these beautiful places.
The many different destinations for summer traveling will make it a difficult decision but it is something that you have to think about. No matter where you go you will want to remember it for a lifetime to come.
Both Mark Dawson & Linden Walhard are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Mark Dawson has sinced written about articles on various topics from Insurance, Personal Finance and Finances. Mark Dawson writes for Loan-Arrangers .co.uk where visitors can . Then apply for the. Mark Dawson's top article generates over 90500 views. to your Favourites.
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