“UK Government figures released today show that poverty in later life continues to be a major issue that isn’t getting the attention it deserves. The older population is growing in the UK, and one in six pensioners are experiencing financial insecurity. In the sixth richest country in the world - there shouldn’t be almost 2 million older people living in poverty.
“These statistics cover the height of the cost-of-living crisis, an immensely difficult period for everyone living in financial hardship, including those in later life. Our helpline received, and is still receiving, regular calls from scared and anxious people looking for support. We heard desperately sad accounts of people limiting themselves to just one meal a day, washing less to save on water, and avoiding meeting up with loved ones as they couldn’t even afford to buy a coffee.
“The UK Government did help people during this time with cost-of living payments which may have kept some heads just above water, but up and down the country budgets were stretched to breaking point. We also know that too many older people missed out on this vital support as it was linked to Pension Credit, an entitlement with a concerningly low uptake of 63%. The latest figures show that up to 880,000 older people missed out on Pension Credit in 2021/22. Our own research revealed that increasing uptake of this financial entitlement would drastically reduce later life poverty, while improving people’s health and reducing pressure on the NHS. This is why the UK Government must introduce a strategy that outlines targeted plans to get this money into the pockets of those that need it most.
“Energy prices have hopefully peaked, but household bills are still astronomically high, and many are about to rise further. More must be done to help shield older people living on a low income from future spikes in costs. The introduction of a single social tariff for both water and energy will protect people when future world events push up the price of essential utilities.
“The number of older people in poverty has been steadily rising since 2012, long term-solutions are desperately needed to significantly reverse this alarming trend and prevent future surges of older people facing economic hardship. The UK Government must instigate a cross-party review to establish an adequate minimum level of income needed to avoid poverty in later life, alongside robust plans to get the existing financial support available to every older person who needs it.
“Together, we can tackle pensioner poverty so that everyone has the opportunity to live with dignity, choice and purpose.”