RETIRED households are surviving on an average of just £188 a week after they have met the cost of maintaining and repairing their property, new research suggests.
Pensioners spend an average of £819 each year on windows, heating and plumbing maintenance and general decorating costs, according to retirement housing specialist Economic Lifestyles.
The group estimates retired people collectively spend around £5 billion a year on home improvements and property repairs, with one in 10 people spending more than 20 per cent of their annual income on their home.
Economic Lifestyles managing director Mark Neal said: "We estimate that many retired homeowners are struggling to live on as little as £27 a day due to the cost of maintaining their homes. It is one of the biggest drains on the income of retired homeowners and is a contributing factor in why one in five pensioners are now living below the poverty line."
Age Concern Bournemouth chief officer Hazel Walker said: "On the whole I would probably going along with the report, based on the fact that we get so many calls from people of retirement age trying to find tradespeople - it's really difficult, a real problem that is going to get worse as people's savings diminish.
"They are asset rich and cash poor. There are equity release plans which can free up cash but you need to be very, very careful. You need strong independent financial advice - equity release can be fraught with pitfalls," she added.
To find reputable trades-people across the Bournemouth, check the Age Concern Bournemouth register, 01202 530530.
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