Last week Age UK launched the second edition of its Economic Tracker . This addition includes the result of the first wave of a survey we have developed to track older peoples’ views on the economy and their financial situation.
It received quite a lot of coverage in the media, particularly because of the startling statistic the nearly a quarter of people in their early 50s were worried about losing their home as a result of falling behind with mortgage repayments. Like other age groups many older people are suffering a fall in income in the current period of austerity and this is having an impact on their well-being.
- Over three million people aged 50+ are very worried about the cost of living. This is in the context of rapidly increasing prices for some essential items, especially utilities, which we know have a significant impact on older people’s finances.
- Only thirty-eight per cent of 50+ say the future looks good for them
- 35% feel worse off financially compared to last year (see chart below)
Since our first edition, the UK economy and economic policy have given us food for thought. There are concerns, disappointments, and one or two silver linings. As our polling data suggests the economic situation is particularly worrying for many of those approaching retirement, tomorrow’s pensioners, who find it more difficult to find a job following redundancy. Our analysis has found that older workers are more likely to be made redundant when compared to those aged between 24 – 49. This translates into higher proportions of older unemployed workers being out of work for longer. Forty-seven per cent of unemployed people aged 50 – 64 have been out of work for 12 months or more compared to thirty-seven per cent of people aged between 25 and 49. The situation of older people is not as bad as those between 16 – 24, but it is important to highlight that all ages are struggling in these tough economic times.
Quite rightly there is a lot of attention on the young unemployed at the moment, but we must ensure that those over 50 are not forgotten. More can be done by the Government and employers to recognise the value of workers over 50 (the experience and skills that come with a longer working life), provide more training and learning for those in later life, and do more to eliminate the ageism that too often occurs in workplaces.
Read more about the impact of the economy on the financial well-being of older people
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Posted in Consumers, Economy, Employment, Income, Money Matters
Tagged #economictracker, Age UK, Age UK blog, Ageing, ageing population, ageing society, benefits advice, benefits and entitlements, benefits calculator, benefits check, consumers, Economic Tracker, economy, Employment, Incomes, Money & benefits, money and benefits, money matters, older consumers, older people, older unemployed, older workers, pensioner poverty, pensioners, pensioners’ benefits, tomorrow’s pensioners, UK economy, unemployed, universal benefits, Work
It may be measured in baby steps, but at last the Department of Health (DH) is acknowledging the importance of cold homes, and living in fuel poverty, to the health debate.
Age UK’s lobbying and campaigning on fuel poverty issues is strongly grounded on the health implications – the ill-health arising from not keeping adequately warm, measured both in terms of human suffering and costs to the NHS – so this engagement by the DH is a significant advance. Two short reports from Age UK have looked at recent public health initiatives to assess their impact.
One is concerned with the Warm Homes Healthy People programme. This was announced as a ‘one-off’ in 2011, then repeated in 2012.
It was a £20m prize pot to which local authorities were invited to bid, provided their proposals were to address ‘winter pressures’, and provided they were doing so in partnership with the local voluntary and community groups.
It stimulated a remarkable range of varied activities, from clearing snow and going shopping in adverse weather, to providing hot meals and issuing ‘winter survival packs’, to checking electric blankets and checking benefit entitlements.
It drove a wave of local, community activity, and local Age UK partners were substantially involved. This report looks at their experience of the project, and it is overwhelmingly supportive. Continue reading
Posted in Consumers, Energy, Energy Bill Revolution, Government, Health, Health and Wellbeing, Housing, Income, Money Matters
Tagged #EnergyBillRev, #energybills, #fuelpoverty, Age UK, Age UK blog, Ageing, ageing population, ageing society, Are Health and Wellbeing Boards taking fuel poverty seriously?, consumer issues, energy, Energy Bill Revolution, Energy Bill Revolution campaign, energy consumption, energy prices, fuel poverty, Health and Wellbeing, Health and Wellbeing Boards, Health and Wellbeing Strategy reports, home energy efficiency, Incomes, money matters, NHS reforms, older people, poverty, public health, Public Health Outcomes Framework, The Warm Homes Healthy People Fund, Warm Homes Healthy People
Traditionally debt has been seen as mainly a concern for younger people with older people more likely to believe you should ‘cut your coat according to your cloth’ and save up for items rather than use credit. However there have been media reports suggesting this may be changing with headlines such as ‘Debt crisis for the over 60s’, and some information and advice services are reporting more older people seeking help with debts.
At Age UK we wanted to find out more about the extent and level of debt in later life and whether this has changed over time. So we commissioned the independent think tank International Longevity Centre – UK (ILC-UK) to carry out a detailed analysis looking at debt among people in later life. Continue reading
Posted in Income, Money Matters, Research
Tagged Age UK, Age UK blog, Ageing, ageing population, ageing society, credit, debt, debt advice, debt advisers, Debt and problem debt among older people', debt crisis, debt in later life, financial services, ILC-UK, Income Poverty, Incomes, Information and Advice, International Longevity Centre, International Longevity Centre – UK, let's talk money, money matters, older people, poverty, problem debt, Problem Debt Among Older People, research, Tales of the Tallyman: Debt and problem debt among older people'