Pensioner Poverty Rising
A new report warns that poverty among the elderly could spike by 2040 if nothing changes.
This report from Independent Age UK suggests that the total number of pensioners in poverty could rise from 2.1 million to 3.9 million.
Older women and people with disabilities are especially hard hit.
Women's poverty could increase from 20% to 26% due to factors like the gender pay gap and caregiving duties.
For those with disabilities, the poverty rate could shoot up from 18% to 29%.
Independent Age UK is sounding the alarm to spark action from politicians, businesses, and charities to tackle this looming crisis.
PENSIONERS FEELING THE PINCH
The charity regularly hears from older people forced to skimp on essentials, leading to severe impacts on their health and wellbeing.
Joanna Elson CBE, chief of Independent Age, calls the projected rise in elderly poverty a wake-up call.
She highlights the dire conditions many face, like skipping meals and living without heat to cut costs.
OLDER RENTERS HIT HARDEST
The report also points out the growing number of older renters who are particularly vulnerable.
By 2040, the number of elderly in private rentals could triple, with poverty rates for these groups expected to be alarmingly high.
Rents have been rising steeply, and the Local Housing Allowance, meant to help with rent, doesn’t cover much of the market anymore.
Independent Age stresses the urgent need for the next UK Government to boost support for low-income renters and increase pensioner incomes to prevent these stark forecasts from becoming a reality.
Their recommendations include a cross-party review on retirement income levels needed to avoid poverty, improving access to social security benefits, supporting renters through better housing policies, and a major investment in social housing and home modernisation.
They also advocate for social tariffs in utilities to help those on low incomes manage their bills.
