Age UK’s Economic Tracker: many in their early 50s fear losing their home

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)Pensioner income

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 

2 responses to “Age UK’s Economic Tracker: many in their early 50s fear losing their home

  1. The fact that people are being forced to work longer will only add the unemployment figures. I was 60 a few weeks ago and should now be enjoying my retirement and receiving my state pension. Something I have contributed to all of my working life.

    I have worked for 45 years yet this Government is forcing me to work until 2017. Others are being forced to work longer. We have a right to receive the State Pension we are entitled to at the age were promised, contributed to and planned for.

    Civil Servants who are within 10 years of their “normal pension age” have, quite rightly, not been affected by the changes to their pension schemes. This was to provide transitional protection for those ‘closest to retirement’. This is discrimination, which is illegal.

    If you believe in fairness and equality, please sign this and show this Government that enough is enough.

    http://you.38degrees.org.uk/p/statepensionlaw

  2. why should elderly be targeted,they worked and fought for this country and paid insurance to help with their old age,only to have it stolen off them for what the governments thinks is more IMPORTANT,its bad management by our mps, who where chosen to look after the country,politics have become a farce, and people have lost all faith in them, they are no longer OUR civil servants, we have become servants to them, paying for ALL their mistakes, we have lost the GREAT OUT OF BRITAINITAINBRBRITTAIN

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