INTRODUCTION: There are relatively limited studies exploring the relationship between elderly individuals' pension income and their sense of inferiority in countries with economic hardship or financial crisis. In specific, the characteristics of shame in elderly individuals is not usually taken into account and related to financial hardship or economic crisis. AIM: This study aimed at identifying the relationship between elderly individuals' pension income, and the sense of external and internal shame of pensioners. METHOD: The total sample included 476 pensioners with a mean age 70.11 (SD=14.22). The participants in the study completed a) the Other As Shamer Scale-OAS, b) the Experience of Shame Scale-ESS, and c) questionnaire on socio-demographic information and individuals' monthly pension income.RESULTS: Multivariate analysis was applied for analysing the data.The results identified that elderly individuals with low monthly incomes have the highest level feeling of inferior (OAS) (7,04), total external shame (OAS) (19,74), feeling of emptiness (OAS) (4,15), and mistakes (OAS) (7,43).Conclusions: It could be argued that the results of this study, despite of the reasonable limitations, leads to a redefinition of views about the impact of personal salary and pension on the sense of external and internal shame.