New research has shown that almost 1.5 million retired people in the UK survive on just GBP60 per week for their living expenses.
The research, carried out by the pensions arm of insurance heavyweight Prudential, is intended to provide a further reminder to Britons of the need to avoid reliance on the state to support them in their old age.
The current basic state pension offers only GBP4,381 per annum.
It’s worrying to think that such a large number of pensioners in this country live on GBP5,000 or less a year, says Angus Maciver, director of Prudential UK.
How many of us could truly say that we could manage on what works out to be just GBP8.49 a day?