Retirees still reeling from economic crisis

Pensioners were hit 6 times harder by the financial crisis than their working counterparts. This is according to a study by research institute ITS of Radboud University Nijmegen, and SEO, affiliated to the University of Amsterdam, commissioned by ANBO, the interest organization for the elderly, AD reports. According to the study, retirees' purchasing power decreased by 6 percent in the period between 2008 and 2013, compared to a 1.1 percent decrease for working people. Pensioners with a middle-income took the hardest hit to their disposable income - between minus 4.7 percent and minus 12.8 percent. Those with low incomes felt it the least - minus 1.9 percent - as the state pension was adapted to wage and price developments in that period.