Dramatic surge predicted in pensioners living in poverty in Oxfordshire
Figures could double by 2040 according to new research.
We're hearing from an Oxfordshire pensioner as new research suggests the number of older people in poverty could double in the coming years.
By 2040, if current trends and policies stay the same, the UK could see a dramatic surge in poverty in later life.
That's according to a new report from Independent Age, the national charity supporting older people in financial hardship.
They project that if poverty levels among people aged 65+ continue to change in line with year-on-year trends since 2010 and current policies don’t change, poverty among older people could increase from 17% to 23%.
This would mean that the number of people living in poverty in later life across the UK could almost double, from 2.1 million now to 3.9 million people by 2040.
Widow Yvonne Bailey who is 78 and from Abingdon in Oxfordshire says she struggles week to week to get bills paid:
"I'm having to rob Peter to pay Paul, if a big bill comes in like my Direct Debit for my heating, then that week I have to go without a lot of things."
She tells us what she wants to see from the next government:
"They keep telling us the interest rates and food prices are coming down, it's not true, not for ordinary people like me, it needs to be brought under control."
Independent Age, say the rates of over 65s living in poverty could increase significantly more, among older people with a disability. From 18% to 29%.
Poverty has been linked to a shortened life expectancy, a greater likelihood of poor physical and mental health, and increased stress and anxiety. It also has a societal cost, with the choices older people in financial hardship are forced to make often impacting their well-being, leading to increased health and social care costs.
The charity is making seven recommendations to the next government including a cross-party review to agree on what level of income is needed in retirement to avoid poverty.