Millions of pensioners 'dependent' on savings

Investec's research found more than half a million people will rely on their savings to provide them with a fifth of their total income. A survey of retired people across Britain found more than six million rely on their savings to provide them with some of their retirement income, and are being hit hard by record low interest rates. Those who rely most heavily on their savings will be feeling the squeeze, according to Investec, and 144,000 people take half their income from savings interest. "Elderly savers have been among the hardest hit from the succession of cuts to the Bank of En...