"Whether becoming unemployed and struggling to find a new job; losing their life-time savings that vanished in financial and real estate markets, paying more for basic goods, or simply dropping out of social or cultural participation, millions of older Europeans have been experiencing on a daily basis the impact of the financial and economic crisis. No one should underestimate the growing vulnerability amongst people aged 50 and over and in this time of crisis neither deny the specificity of poverty and social exclusion in old age." (Quoted from paper)