LONDON, Aug. 21 (UPI) -- Up to a third of elderly Britons have taken thousands of dollars from their savings in the past year to cover day-to-day expenses, a report indicates.
The survey by the London-based investment group Schroders, showed those over age 65 who tapped into retirement savings had taken out an average of $7,121 in the past year to cover rising living costs, The Daily Telegraph reported
"The challenging economic environment has seen millions of Britons dipping into their savings to fill their income gap," said Robin Stoakley, Schroders managing director.
"The amount of capital being drawn down suggests that it is not just rainy-day funds that are being drained, but a significant proportion of individuals' long-term savings."
The report, based on a survey of more than 2,000 adults, said 34 percent of women tapped into their savings and 28 percent of men.
The economic squeeze for many elderly Britons is expected to worsen when the government links pension payments to a lower barometer of inflation, reducing pension payments.
