Monday 27th March 2006
Asking whether it is possible to buy a weeks worth of food and non-alcoholic drinks on £20.73, Virgin Money (VM) has highlighted the grim reality of a state pension.
Although many younger people do not take pensions into consideration in their personal finances, VM has called on people to face up to the amount a state pension will provide them.
According to research from VM, OAPs who mainly rely on a state pension have less to spend on their weekly grocery shopping than the average Brit spends on dining out.
Virgin Money spokesperson Jason Wyer-Smith commented: "Over a fifth of pensioner households in Britain are living on a pittance, barely managing to afford lifes essentials like food and drink.
"Were asking the eight million Brits who arent saving anything for their retirement if they could live on a pensioners shopping basket not just for one week, but every week, because at the moment thats the retirement theyre headed for," he added.
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