UK | The cost of living crisis has continued for pensioners in the UK, with conditions worsening more than last year.
In a new report, Age UK warns groups of pensioners are ‘still’ struggling with the cost of living, with the situation worse than last year.
Older disabled people, older renters and those living on low and modest incomes are most affected.
One in three (34 percent), equivalent to 4.1 million pensioners, said they felt less financially secure heading into 2025 compared to when 2024 began, according to new research by Age UK.
In a new report out today, Back to cutbacks: How older people are managing the cost of living in a time of rising energy prices, Age UK warns the situation is worse than last year for all pensioners, particularly for some sub-groups including older people with a disability, older renters and those on low-to-modest incomes. Other struggling groups include older women, people living alone and older carers.
In representative polling of people aged 66+ or above, participants told Age UK that their cost-of-living worries are far from over.
Just under half (45 percent) of people aged 66+ in a household with an income of less than GBP £20,000 reported feeling less financially secure than last year.
A similar strain was identified among older carers – with nearly four in 10 (38 percent) carers feeling less financially secure.
Four in 10 (38 percent) people aged 66+ who are private renters and almost one in three (30 percent) who are social renters were worried about being able to pay their monthly rent.
Four in ten (39 percent) people over 66+ receiving means tested-benefits told Age UK they are worried about being able to afford other essentials like food.
Nearly half (48 percent) of older people with a disability have had to cut back on heating or powering their home.
The Charity’s new report highlights its concerns about the impact on older people of energy costs that just keep rising and the struggles older people face affording the basics, especially after the loss of the Winter Fuel Payment for many on low and modest incomes, including those with health conditions.
From April 2025, energy prices will be more than 50 percent higher than at the beginning of 2022 and while inflation has fallen close to its pre-2022 levels, with CPI at three percent in January 2025, prices of everyday goods like groceries remain elevated at a high level compared to the past.
Despite the ongoing financial pressures, Age UK’s research also found that three in five (59 percent) pensioners who have cut back on heating or powering their home, equivalent to 2.9 million, would rather turn off their heating than get into debt, rising to 65 percent for women pensioners.
The Charity is hugely concerned by this finding, as it confirms what Age UK services are picking up via its national Advice Line and Age UK Network - that millions of older people prefer to ration their energy consumption rather than go into debt with their energy supplier.
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