In what is probably a sign of the times catching up with all areas of society, it seem that the number of old age pensioners going bankrupt in the UK has doubled over the last 5 years.  While the figure still only represents 7% of all people declared bankrupt over the last 12 months, it has risen sharply from 3% just 5 years ago.  So why is it happening?

It seems that there are a number of issues coming into play, which include :-

• Longer life expectancy.  This factor is putting a strain on the savings of many pensioners, who are not able to make their savings stretch as far as they used to.
• Increased cost of living.  It seems that all areas of living are getting more and more expensive, the cost of travel is increasing, council tax, general tax and a string of other charges have increased substantially over the last decade.
• Pride.  Many of the old age pensioners who have been declared bankrupt have tried to solve their problems themselves, without looking or asking for assistance.  While there are advice agencies out there for the elderly, it seems that there needs to be more work done promoting these services.

While not totally unexpected, it seems sad that those who have probably worked all of their lives looking forward to retirement are often not able to cope with the rising cost of living.  They are often the forgotten side of society, with more and more new finances and new services targeted at the younger audience. 

Surely it is time to ensure that those who may have served time for their country are looked after in their twilight years?