There is plenty of money to go round. The UK is the 5th richest country in the world.
It's not about choosing between young and old - that is a classic 'divide and conquer' tactic. Bus passes can be a lifeline for people in rural areas, and TV is often the only entertainment old or infirm people have.
In neither case is it about finding extra funds. Buses run, and TV broadcasts whether or not a few elderly people are getting them free.
Finally, it's time that cheap, safe, reliable public transport was available to everyone, so that single use cars stop being the default mode of transport. We are killing the world, and we need to think laterally to stop it.