Yesterday, Age UK launched a new report, Financial resilience in later life, which calls for regular financial check-ups for the retired and people approaching pension age. Age UK believes that these check-ups are critical to help the growing number of people aged 60 and over navigate later life.
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
Find out what benefits you are entitled to
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
We have heard a lot lately from various politicians about the need to examine the universal benefits received by older people and in particular the concessionary bus pass. It seems that in the age of austerity, even something that has been so successful and proved so popular, is subject to review.
But it is not just the threat from government to withdraw the bus pass from all but the poorest, there is also the threat to bus funding from the imminent spending review. Cuts to bus services will hit the poorest and most vulnerable the hardest.
Older and disabled people have hugely benefited from free bus travel and often rely on public transport to do their shopping, get to their GP and hospital appointments and visit friends. Continue reading
Posted in Communities and inclusion, Government, Money Matters, Public Policy, Transport
Tagged Age UK, Age UK blog, Ageing, ageing population, ageing society, bus cuts, bus pass, free bus travel, Government, Government & society, isolation, loneliness, Money & benefits, money matters, older people, public transport, rural ageing, rural issues, rural living, the impact on older people of cuts to rural bus services, transport, universal benefits