Capitalism is a society that thrives on illusions. One of the cruellest is the one about elderly workers sitting in rocking chair contentment after a lifetime of toil. For many workers the reality behind this idyllic picture turns out to be this.
"The proportion of pensioners going bankrupt has more than doubled in five years, research has suggested. Of bankruptcies in England and Wales during 2007, 7% involved retired people - up from 3% in 2002, a report said. This meant 7,900 pensioners were declared bankrupt over the past year, compared to 900 five years previously. Accountants firm Wilkins Kennedy, which produced the study, said older people unused to being offered credit "may take on unmanageable levels of debt". The researchers warned that the figures are likely to get even higher, as increased life expectancy and rises in the price of food and fuel put a greater strain on the limited savings of many pensioners." (BBC News, 1 October) RD
The Glasgow & Edinburgh Branches Blog. Towards a better understanding of the world, in order to change it.
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