Poverty amongst elderly living in Herts could almost double in next 15 years
The number of people living in poverty in later life across the UK could increase by 1.8 million, within the next 16 years, says a new report
A charity in Hertfordshire suggests significant pressure could be seen on local health services if more is not done to tackle poverty amongst pensioners.
Age UK in Hertfordshire predicts an ageing population, which could see 23% of people living in the county to be of older age by 2043, in line with the research released by Independent Age.
The report from the national charity supporting older people in financial hardship forecasts a significant increase in poverty among the elderly by 2040 if current trends and policies remain unchanged.
It further suggests that if the current trends continue, the poverty rate among those aged 65 and over is projected to rise from 17% to 23% by 2040, which would increase the number of older people living in poverty in the UK from 2.1 million to 3.9 million.
Mark Hanna, CEO of Age UK in Hertfordshire, said: "We've seen a massive increase in number of older people contacting us in need of support."
"The cost of living impact over the last couple of years has really affected older people and the number of people in financial hardship has increased."
"we distributed, in partnership with Hertfordshire County Council, £50,000 worth of food vouchers alone last year for older people in financial need, which is quite a worrying situation."
"We monitor disability-free life expectancy and generally speaking, care and support needs on average will start to occur from the age of 75 upwards and with that, if you have a long term health condition or mobility issues, there are extra costs associated with those conditions and situations."
The impact could be greater on women, with the report projecting that poverty among older women will increase from 20% to 26%, which is largely due to the gender pay gap and career interruptions for caregiving, which typically result in lower lifetime savings for women.
Additionally, the poverty rate among older people with disabilities is expected to rise from 18% to 29%, compared to an increase from 17% to 19% in the non-disabled older population which is caused by higher costs associated with managing disabilities contributing to reduced savings and increased financial vulnerability.
If you are seeking support or would like to find out more information, you can visit Age UK Hertfordshire or Independent Age's websites.