Older People’s Economic Wellbeing Index: Scotland 2024–25
Independent Age’s inaugural Older People’s Economic Wellbeing Index: Scotland 2024–25, is a nationally representative poll of people aged 66+, commissioned by Independent Age and conducted by the Diffley Partnership.
With the number of pensioners in poverty in Scotland increasing by 25% over the past decade – now at 150,000 – the Older People’s Economic Wellbeing Index provides a deeper insight into the financial wellbeing of older people in Scotland today. The reality uncovered demonstrates the scale of the income, costs and housing pressures faced by older people living on a low income across Scotland.
Key statistics
Income
In a compassionate society, no one should have to worry about whether they have enough income to live a decent and dignified life. Yet for too many older people in Scotland, we know this is not the reality.
Nearly 1 in 5 (19%) older people have a household income of less than £15,000 a year
24% of older women reported having an income of less than £15,000 compared to 13% of men
Just over 1 in 5 (22%) older people with an income of less than £15,000 rate their financial situation as good
Only 15% of older people in Scotland think the current social security system works well for those of pensionable age
24% of older people with a health condition are not aware of the disability social security payments that are available
61% of older people say the amount they receive from the State Pension isn’t enough to cover basic living expenses
Costs
Everyone has the right to a warm home, nourishing food and a life free from poverty. But rising costs are hitting older people across Scotland, especially those living on a low income.
Half (50%) of older people report they have cut back on heating or utilities at least occasionally because of financial difficulties
83% of older people with an income of less than £15,000 have cut back on heating or utilities
32% of older people with a health condition have skipped meals because of costs, compared to 21% without a health condition
Older people with a health condition are more likely to have reduced their social interactions because of financial difficulties (58%) compared to people with no health conditions (42%)
Older renters are more likely to pay for their energy through a prepayment meter (21%), than older homeowners (3%)
Less than half (47%) of older people on an income of less than £15,000 say they are confident they will be able to pay heating bills over the next 12 months
Housing
A home that is affordable, secure and suitable is essential to our wellbeing and should be a basic human right.
Older people in the most deprived neighbourhoods are the least likely to own their home outright (57% in SIMD 1 compared to 83% in SIMD 2 to 5)
34% of older people in SIMD 1 rent from a social landlord compared to 7% in SIMD 2 to 5)
3 in 5 (61%) older people feel that their current home is entirely suitable to the needs of their household
Older people renting from a private landlord were the least likely to say their home is ‘entirely suitable’ (40%)
1 in 4 (24%) older people say their housing is becoming unaffordable
1 in 50 older people say their housing is unaffordable and they are concerned about their ability to afford to continue living there
What is Independent Age calling for?
Independent Age recommend that...
all political parties:
- address pensioner poverty as a key priority
the UK Government:
ensure reserved social security pensioner payments are set at an adequate rate
the Scottish Government:
- develop and implement a Pensioner Poverty Strategy for Scotland
- introduce an Older People’s Commissioner for Scotland
- ensure that devolved social security payments are adequate – including introducing a mobility component of Pension Age Disability Payment – and that older people receive all the social security payments they are entitled to through coordinated income maximisation campaigns
- ensure that no older person lives in fuel poverty, by taking action to achieve this through energy efficiency and social security support
- ensure that older people can access affordable, secure and suitable housing.
Need support or advice?
If you are, or someone you know is, living on a low income in later life, call our freephone Helpline on 0800 319 6789 for information or to speak to one of our expert advisers, who provide free and impartial advice to older people or view our information guides.
Want to know more?
Read our full first edition of the Older People’s Economic Wellbeing Index.
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