Abacus Daily Debt News

Money worries for the elderly worsen, politician says

Elderly people are increasingly at risk of debt and other financial burdens, as a politician has revealed that many are forced to sell their homes in order to pay for residential care.

According to Norman Lamb, a Liberal Democrat health spokesman, at least 3,000 older people are having to take such action and he called for a "complete overhaul" of the current system, the Daily Mail reports.

Stating that houses should not be viewed as "fair game" to settle bills, Mr Lamb added: "This government’s treatment of older people is its shameful legacy. Ministers have turned their backs on thousands of older people."

And the news source noted that its Dignity for the Elderly campaign highlights this issue and points out that it is a scandal as elderly Britons have paid taxes throughout their lives.

However, pensioners may be helped by the increased credit levels, equity release specialist Key Retirement Solutions recently observed.

The company noted that Alistair Darling’s alterations increasing capital disregard to £10,000 is a "significant step".

By Sarah Adie