Amidst rising concerns over pensioner poverty, a recent report reveals nearly 1 million UK citizens over 66 are living in deprivation, sparking calls for urgent action by politicians. Here’s the full story.
Sorry State
The United Kingdom’s economy is in a sorry state, with stubbornly high inflation, low wage growth and a cost of living crisis all coming together in a toxic mix which has driven poverty numbers to some of the highest on record.
Concerning Trend
However, recent government statistics have revealed a concerning trend affecting those who have already worked all their lives and have entered retirement.
1 Million Older People
The figures show that nearly 1 million people aged over 66, currently the pension age, in the UK live in deprivation, which marks the highest numbers since comparable records began.
Triple Lock
Despite both parties vowing to maintain the triple lock on pensions, with Britain having some of the lowest pension rates compared to other similar economies, pressure is mounting on both parties to do more to support older citizens.
Old Age Poverty
Additionally, a separate report by the Fabian Society has shown that there has been a significant increase in poverty among those aged between 60 and the pension age since 2010, which has raised serious doubts about the ability of the governing Conservative party to implement policies that help those nearing retirement age.
1.2 Million People
The Fabian Society analysis showed that the number of people experiencing poverty in this age range had increased by a staggering 800,000 to 1.2 million people.
“Silent Crisis”
Sasjkia Otto of the Fabian Society told the Guardian, “This silent crisis was caused by government policy decisions, so ministers should take responsibility for finding solutions.”
“Long-Term Barriers”
“As things stand, the government assumes that people in their early and mid-60s can keep working and earning just like those in their 20s. This is true for lots of people and we should celebrate those who defy harmful ageist stereotypes. But many others in their 60s face long-term barriers to work, including sickness, disability and caring responsibilities.”
Living in Deprivation
The Labour Party analysed Department for Work and Pensions (DWP) records, which showed that, despite policies such as the triple lock mechanism, which guarantees annual rises to the state pension to ensure financial security for retirees, many retirees were living in deprivation.
Essential Goods and Services
Deprivation was measured by surveying those over 66 regarding their access to essential goods and services, encompassing substantial meals, heating, electricity, well-maintained housing, and regular social contact with friends and family.
100,000 Working Households
Shockingly, out of the 977,386 individuals aged over 66 who faced deprivation during the 2022-23 period, 100,000 were residing in households where at least one member was employed.
“14 Years of Tory Misery”
The shadow Work and Pensions Minister Alison McGovern blamed the bleak figures on “14 years of Tory misery.”
“Crashed the Economy”
McGovern stated, “The Tories crashed the economy, causing a cost of living crisis for which pensioners are still paying a heavy price. Now their reckless £46bn unfunded proposal to cut national insurance risks leaving pensioners even worse off with their refusal to say how they will pay for their plan or whose taxes will have to go up.”
“Crying Out for Change”
She continued, “The country is crying out for change. It’s Labour who have the plan to grow the economy, to tackle the cost of living crisis, and to once again be the party for pensioners.”
“Backing All Pensioners”
However, a DWP spokesperson refuted the findings from Labour and the Fabian Society, stating, “We do not accept this characterisation. We are committed to backing all pensioners, and since 2009-10 there are 200,000 fewer pensioners in absolute poverty after housing costs.”
“Driving up Inflation”
They continued, “With the aftershocks of Covid and the war in Ukraine driving up inflation and cost of living pressures, we provided unprecedented support worth £3,800 per household, as well as additional cost of living support preventing 400,000 pensioners from falling into poverty in 2022-23.”
“Supporting Pensioners”
They added, “And we will keep supporting pensioners, which is why we have delivered a further increase of 8.5% this month through the triple lock following last year’s largest ever cash increase, taking the full rate of the new state pension to more than £11,500 a year.”
£45 Billion
The debate over pensioner support is further complicated by the economic cost of the triple lock on pensions, which, according to the Institute for Fiscal Studies (IFS), is expected to add up to £45 billion to the welfare budget by 2050.
Balancing Act
The delicate balancing act required to ensure that the triple lock on pensions is maintained while also managing the strain it puts on the public finances is unenviable for whichever government is elected in the autumn.
Damning Indictment
However, figures showing that almost 1 million people who have worked hard all their lives, paid into the tax system and are now looking to spend their retirement in peace are living in deprivation is yet another damning indictment of a political system that relies heavily on the votes of older people, whilst also failing to address the needs of the ageing population.
Retirement Well Earned
With both parties vying for the votes of the not-insubstantial voting block of retirees, only time will tell if any meaningful change will be enacted to ensure that those approaching retirement and those who have already retired have a decent standard of living that they have earned.
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The post Pensioner Crisis: Nearly 1 MILLION Living in Deprivation first appeared on Edge Media.
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Grant Gallacher is a seasoned writer with expertise in politics and impactful daily news. His work, deeply rooted in addressing issues that resonate with a wide audience, showcases an unwavering commitment to bringing forth the stories that matter. He is also known for satirical writing and stand up comedy.