Martin Lewis Urges Pensioners to Adopt Key Spending Rule for Enhanced Well-being
Financial guru Martin Lewis has issued crucial guidance for retirees and pensioners, advocating a specific spending rule to help secure a "better life." The founder of MoneySavingExpert.com recently detailed these tips on his BBC podcast, highlighting the importance of "spending wisely" to maximize financial security and happiness.
Planning for Contingencies and Efficient Spending
Martin Lewis explained: "You need to plan and be prepared for the worst to happen, and have the contingencies available. But actually spending wisely, checking that you are doing things efficiently, not wasting money on things that don't give you happiness or value, or at least getting the things that you need and the necessities, not joyful things, as cheaply as possible in a way that works, is what enables you to spend the money on the things you want to, to give you a better life."
This advice comes at a time when Ofgem is encouraging individuals of State Pension age to enroll in their energy supplier's Priority Services Register (PSR). This free scheme offers additional support to those who may require assistance, such as during emergencies or with accessibility needs.
Ofgem's Priority Services Register for Extra Support
In a social media post, Ofgem stated: "The Priority Services Register is a free service designed to provide additional support to people that might need it. By joining, you can receive tailored assistance from your energy supplier to meet your specific needs." Eligibility extends to anyone aged 66 or above, which aligns with the current State Pension age.
The available support through the Priority Services Register includes:
- Priority support in emergency situations
- Advance notification of planned power cuts, whenever feasible
- An identification and password scheme for visits or contacts
- Option to nominate a family member or carer to receive communications and bills
- Relocation of prepayment meters if access is unsafe
- Regular meter readings provided
- Bills and account information available in large print or braille
- Assistance with reconnecting a gas supply if necessary
Martin Lewis's emphasis on financial prudence complements these support measures, urging pensioners to manage their resources effectively to afford life's essentials and enjoyments. By combining wise spending with available assistance programs, retirees can better navigate financial challenges and improve their overall quality of life.
