Pensioner poverty continues as 850,000 urged to secure boost worth £3,500 | Personal Finance | Finance

A pensioner adequacy crisis is looming, according to experts, with two million older people living in poverty. New data published this morning has shown financial challenges are abound for many older Britons.

Morgan Vine, head of policy and influencing at Independent Age, warned “not enough is being done to bring older people out of poverty”.

She said: “It is disgraceful that levels of later life poverty have remained the same.

“Alarmingly, these figures don’t even tell the full story because after the period these stats cover, people were hit by 40-year high inflation which has put massive pressure on people’s low and modest income.

“Today’s stats confirm there are still over two million older people living in poverty – almost one in five.

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“Last week’s Budget didn’t offer any concrete solutions on cutting this number.

“In modern Britain, nobody should live in poverty at any age, including during later life. That’s why immediate solutions are needed to help older people living in financial hardship now.”

Ms Vine pointed towards Pension Credit as a potentially helpful solution for those worried about their income.

Pension Credit is designed to provide important support to pensioners who are on a low income.

This can include a free TV licence for over 75s, council tax reduction, assistance with NHS costs and more.

The DWP has stated Pension Credit could be worth up to £3,500 a year, which could make a real difference for struggling older people.

Commenting on the statistics, a DWP spokesperson told Express.co.uk: “There are 200,000 fewer pensioners in absolute poverty than in 2009/10. Since the time period these figures cover we have also increased the state pension by 3.1 percent, and we will increase it again by 10.1 percent next month, on top of offering pensioners an extra £300 in cost of living support last winter and again next winter.

“These latest figures reflect the country coming out of the pandemic and accompanying rising prices, which we have since helped to address with record levels of support via cost of living payments to over eight million households, and plans to provide up to £1,350 of direct payments for the most vulnerable over this year and next.

“On top of this, the Energy Price Guarantee will continue to hold down people’s energy bills and our Household Support Fund, worth over £2 billion, is helping those struggling with the cost of living with essential food and energy costs.”