As the recession bites into the budgets of the elderly, Methodist leaders are encouraging their members to look out for older citizens who may be covering up their financial problems. Pensioner bankruptcy is on the increase, but older people are often reluctant to ask for help. Methodists therefore aim to help both churched and unchurched OAPs in their neighbourhoods who are in debt. The Insolvency Service says bankruptcy among over 65s has risen by more than 200 per cent in the last five years. Many pensioners have been hit by a ‘triple whammy’ of mounting debt, decreased investment returns and lower annuities.
Source: Methodist Recorder (27/8)