Spring Statement fails to alleviate concerns regarding rising pensioner poverty

Last year the number of pensioners living in poverty rose by 200,000 – and higher costs of living and energy prices will only further exacerbate the massive wealth inequalities we already see among older people.

More support is needed than the increase in the Household Support Fund in order to address the current spike in energy costs and the soaring cost of living; almost 9,000 people died in England and Wales last year because their homes were too cold.

Government action and leadership is desperately needed to support people to improve their homes and reduce their energy costs for the future. The reduction in VAT on the energy efficiency products is very welcome but the scale of the challenge needs much more.

Homeowners need easy to access and holistic advice and support on how to improve their homes. Ageing Better is calling for locally delivered Good Home Agencies that can act as home improvement hubs giving access to government backed loans and grants for those unable to pay. We must ensure that our homes become the asset they should be, rather than the liability that so many are currently.

Older workers are being left behind by the post-pandemic employment recovery, with the poorest people one of the most affected groups.  Government needs to build on the welcome support the pledged in the 2021 Spending Review, improving employment support for older workers and addressing age-discrimination at work. Without more action here, thousands of people will be shut out of the labour market and at risk of financial hardship in their old age.

Inequalities within older generations are some of the most extreme in society today.  It is clearer than ever that ageing in England is not a level playing field – and it’s getting worse.

“Pensioner poverty is rising, and quickly. Having a comfortable, healthy, and financially secure later life is becoming ever more unlikely, and the freeze on the triple lock will see yet more older people facing the unenviable task of stretching their money even more thinly.

“Scrapping VAT on home energy efficiency is a welcome longer-term move, both for people struggling to heat their homes and the climate – but homeowners need easy access to advice and support to take advantage of this. Ageing Better is calling for locally delivered home improvement hubs to provide the holistic support people need to make their homes warm and safe.

“But times are tough for everyone right now, there’s no doubt about it. Older people reliant on the state pension are particularly at risk from the soaring cost of living. We need to urgently encourage and advise people to claim their pension credit where relevant.

“Looking ahead, we need to see a long-term strategy about how, as a country, we will work to reduce levels of poverty in older people including supporting people to stay in fulfilling employment for longer.”