You are here: Home - Retirement - Retiring now - News -

Nearly 1m over-75s live in poverty, says charity

Written by:
Nearly a million older pensioners live in poverty, according to a report by the charity Independent Age.

The study looked at the financial circumstances of the ‘Silent Generation’ – people aged 75+ who lived through the Second Word War – and challenges recent stereotypes of ‘wealthy pensioners’.

It said the average income of older (75+) pensioners is £59 a week less than younger pensioners and £112 a week less than working age adults.

An estimated 950,000 of older pensioners live below the current poverty threshold for a single pensioner, which is just £182 a week, the report said.

Janet Morrison, chief executive of Independent Age, said the findings show how misleading it is to treat all 11.8 million pensioners in this country as one group.

“It would be foolish to assume that inequality simply ceases to exist at retirement age, but that is exactly what some of the recent rhetoric around ‘intergenerational unfairness’ does.

“This is the ‘Keep Calm and Carry On’ generation that lived through the Second World War. The older people we spoke to as part of this research talked about ‘keeping a brave face’, ‘cutting their cloth’ and not wanting to ask for help. There is a real risk that this generation will be forgotten and left to suffer in silence.”

The report reveals that nearly three quarters of a million people aged 75+ – who will not benefit from the new State Pension which came into effect in April 2016 – have no income apart from the existing State Pension and other pensioner benefits.

But older pensioners are also less likely to claim Pension Credit, a benefit designed to boost the income of the poorest pensioners. An estimated three quarters of a million over 75s are entitled but are failing to claim, often unaware they qualify.

Independent Age is calling on the government to increase take-up of Pension Credit among older pensioners, private renters, women and single pensioners.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Family ‘devastated’ by loss of £33k mortgage deposit due to Covid

A couple with a baby lost their life savings of £33,000 when the buyer of their home lost their mortgage offer...
Family 'devastated' by loss of £33k mortgage deposit due to Covid

Blow to self-employed as NatWest stops lending to government grant recipients

NatWest has pulled the plug on mortgages offered to those who receive the Self-Employment Income Support Schem...
Blow to self-employed as NatWest stops lending to government grant recipients

Personal allowance set to rise 0.5% next year

The personal allowance will rise in line with inflation from next year, the government has confirmed.
Personal allowance set to rise 0.5% next year

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Money Tips of the Week

Read previous post:
Rental listings rocketed in April

Which town saw new rental listings shoot up by 50% last month?