Hundreds of thousands of pensioners in the UK are struggling to cover the cost of essentials, according to new research that highlights the growing crisis of pensioner poverty.
A report by the Living Wage Foundation (LWF) revealed that over half of older people on low incomes are finding it difficult to keep up with bills.
More than a third are relying on benefits, friends or family to get by, while many are forced to make hard choices between heating and eating. The impact is particularly severe for those in rented accommodation, with nearly a quarter falling into debt or being unable to afford food and energy.
Living standards among pensioners have declined sharply, with almost half cutting back on hobbies and leisure activities. Alarmingly, more than 40 per cent said they had considered themselves middle or high earners during their working lives but are now struggling more than ever. Over half of retirees rely solely on the state pension, with no workplace pension to draw on.
Campaigners warn that pensioner poverty is intensifying, with Age UK estimating that around two million older people are already living below the poverty line. Rising energy bills, soaring rents and food costs are hitting those on fixed incomes the hardest.
The LWF has urged businesses to adopt its living pension accreditation, a voluntary scheme designed to ensure workers save enough during their careers to afford a decent standard of living in retirement.
Under the initiative, employers would contribute towards a pension pot at a rate that meets the minimum income standard for later life.
The issue has sparked growing political debate. Critics argue that recent economic pressures and the scaling back of support such as winter fuel payments have left pensioners increasingly vulnerable.
Meanwhile, charities and MPs are calling for a national strategy to tackle pensioner poverty, including greater take-up of pension credit and measures to guarantee a minimum retirement income.
Figures from the Resolution Foundation suggest that individuals may now need at least £100,000 in additional savings at retirement to supplement the state pension and meet basic living standards. With many failing to achieve this level of saving, concerns are mounting that more people will face financial insecurity in later life.
The Department for Work and Pensions insists it remains committed to supporting older people, pointing to state pension increases under the triple lock and efforts to boost pension credit uptake.
However, experts and campaigners argue that without urgent reform, pensioner poverty will continue to rise and erode dignity in retirement.
