Investment firm Schroders has revealed a third of Britons aged over 65 are raiding their savings in order to cover everyday living costs. According to the report, savers have taken out a total of £60 billion, with an average of £4,600 each. The main reason for the withdrawal of savings is the low interest rate [...]

More: Survey reveals elderly Brits raid savings

I'm not surprised. Living costs seem to be going up all the time, especially food, petrol and heating so this is bound to hit pensioners the most. A major problem is that these days so many pensioners are still paying their mortgage off, whereas in previous times this would be one cost most wouldn't have to worry about anymore.