Stereotypes often depict later life and retirement as endless holidays and big houses. The reality is that there are around two million older people living in poverty in the UK with one million more living precariously on the brink.
Poverty doesn’t discriminate. Even with all the future planning in the world, there are countless factors that can suddenly plunge you into financial hardship, including bereavement and the ending of relationships.
Through conversations, we hear how many in later life who are living in financial hardship feel invisible and like society doesn’t understand the problems they face. We also know that stigma plays a dangerous role in preventing older people from opening up about their problems and reaching out for the support they desperately need.
Our new project, Behind the statistics, aims to highlight the reality of financial hardship in later life while challenging these damaging stereotypes. By sharing older voices impacted by financial insecurity, we can and will tackle pensioner poverty.
Hear from older people about the reality of financial hardship in later life
Thabani’s 50-year career as a nurse allowed her to travel the world helping people but health issues and the COVID pandemic suddenly left her struggling to make ends meet. Faced with creditors and repossession, she didn’t know where to turn.
Following careers as a tree surgeon and butcher, Rob looked forward to life after work but found upon his retirement that his State Pension left him with just £6 a month to live on. To cover his rent and living costs, Rob is among many in later life who have had to return to work.
Gwenda worked until she was 75 but now struggles to get by. The cost-of-living crisis forced her to reduce her energy use and she’s worried about managing her bills.
Philip and Carol are living day to day and, despite still working, are sometimes unable to afford food. Along with many in later life, they don’t want to worry their family so struggle alone.
Like many, the cost-of-living crisis has hit Aminah hard as she struggles to balance rising bills and rent. She tries to save money where she can but this isn’t the later life she had planned for.
Despite saving for their retirement, Stephen and his wife soon found money was tight and they were having to cut back on basics to get by. Discovering his eligibility for financial support has helped the couple manage.
Help us improve later life for all
Our research shows that if trends continue, financial hardship will continue to soar with poverty in later life almost doubling in the next 15 years.
We can and must tackle pensioner poverty to ensure we can all enjoy a later life without financial insecurity.
You can help us do this. Take action today.