Many pensioners are finding it difficult to make ends meet and therefore cannot buy things that would enhance their quality of life, such as a pet or taking a holiday, research has claimed.
Research conducted among 1000 UK people aged 55 and over by equity release provider Age Partnership found that the state pension simply was not enough for some households.
Simon Chalk, equity release specialist for Age Partnership, said: “Many cash-strapped citizens are only making ends meet, and are unable to afford the additions to their lifestyle.
“With the state pension fairly low, and many older people getting by on a smaller-than-ideal pension pot, having the funds to make these lifestyle changes can be impossible. A lack of available funds is holding back the quality of life for many over-55s.”