Budget: pensioners amongst hardest hit

Following this year`s Budget, it has been revealed that people who have saved hard during their working lives and have entered retirement will be among the hardest hit, The Telegraph reports.

With low interest rates and inflation eating away at pensions and investments, it seems pensioners will be one of the groups to lose out from the Budget.

For people in retirement, the cost of living is rising at a faster rate than the headline inflation figures - which could be put down to people in the age group spending a greater percentage of their money on essentials such as food and utility bills.

Pensioners will miss out on, as The Telegraph puts it, `the Budget`s main giveaway` - which is the decision to increase the personal allowance by £630 from April next year.

A spokesperson at debt management company Gregory Pennington commented: "With the cost of living rising at a faster rate than the headline inflation figures, we could see a growing number of pensioners struggling to afford the essential costs of living.

"We would advise anyone worried about the potential effect on their finances the Budget could have to speak to a professional debt adviser."



Gregory Pennington offer debt advice and debt management plans, as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.