A “TIDAL wave” of pensioner poverty is set to surge over the UK unless all the governments take preventative action, a financial charity has warned.
The UK Government in particular should introduce a single social energy tariff to reduce the bills of people on a low income, including those in later life, says Independent Age.
Their call comes following research showing more than a third of older households (36%) were in fuel poverty – with 24% facing extreme fuel poverty. A total of 55% of those in later life live in homes with an energy performance certificate (EPC) rating of band D or below.
“Despite the recent Ofgem price cap announcement, energy prices are around 60% higher than in 2021,” said Debbie Horne, Scotland policy and public affairs manager at Independent Age.
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“Our helpline continues to hear from older people who are forced to cut back on food, wash less and sit in cold, damp homes. It’s clear we need a step change in support. “
She said that as well as the UK Government introducing a single social energy tariff to reduce the bills of people on a low income, it was also “vital” that the Scottish Government improved the energy efficiency of older people’s homes.
This should include increasing access to the Warmer Homes Scotland scheme, which provides support for energy efficiency measures worth around £10,000.
“The importance of a safe, warm and secure home cannot be underestimated,” said Horne. “It is our human right. Yet these survey results are a stark reminder that this is not the reality for an increasing number of those in later life across the nation.
“This needs to change, and that will only happen with action from Westminster and Holyrood.”
Another new study by Independent Age shows that 41% of people aged 50 and over who are not yet fully retired are concerned about living in economic hardship after they stop working, Almost one-fifth (18%) of people aged 60-64 are already living in deep poverty and across the UK, poverty in later life is at its highest level since 2007/8, with 2.1 million older people living in poverty, 150,000 of whom live in Scotland.
The biggest concern of those not fully retired was having less disposable income, with 56% highlighting this as a worry. An overwhelming majority (80%) of those over 50 also thought the weekly rate of the full new state pension – currently £203.85 – would not be enough money to cover their essential costs.
A total of 39% said they did not plan to retire fully as they couldn’t afford to.
On top of energy prices, housing costs were another issue, with 67% saying they were not confident that their retirement income would cover their rent.
“There are far too many older people living in financial hardship, and alarmingly, this new polling indicates that there will be a tidal wave of pensioner poverty without governments across the UK intervening,” said Joanna Elson CBE, chief executive of Independent Age.
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“Nobody should have to experience poverty, it is a tough and isolating way to live, but tragically, it has become commonplace throughout the UK.”
She added: “Governments must take notice of the warning signs. There are already 2.1 million older people living in poverty and a further million teetering on the edge.
“Now we have evidence that many people approaching retirement are struggling financially and could soon be living in poverty.
“More needs to be done to ensure everyone receives the financial support they are entitled to so that no one experiences financial insecurity in older age.
“It’s essential to improve the lives of older people already living in financial hardship and instil confidence in those approaching retirement.
“Nobody should be left behind in later life, financially insecure and struggling to get by. Everyone deserves the opportunity to live well as they get older.”
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