Photo credit: Philip Taylor (Flickr Creative Commons)
This week’s blog from our General Election Series looks at why ensuring that everyone in later life has enough money is a key part of our ambition for the next Parliament.
While Age UK celebrates the fact that being older is no longer synonymous with being poor, sadly this is still the reality for too many. That is why ensuring that people have enough money is a key part of Age UK’s ambition for the next Parliament and the first of our blogs looking at our five priorities.
There are still 1.6 million older people living in poverty and many others living just above the poverty line. We know this can’t be changed overnight but we believe all politicians should commit to at least halving the numbers in poverty by the end of the next Parliament.
We have highlighted two ways to help achieve this. Firstly let’s ensure there is a decent State Pension that recognises years of work and caring. The full amount of the new State Pension being introduced on 6 April 2016 will be more than £150 a week and will provide a boost for many low earners and women who have spent many years caring or in part-time low paid work. Continue reading
Posted in Campaigning, General, General Election 2015, Government, Income, Money Matters, Pensions
Tagged #GeneralElection2015, #votelaterlife, A great place to grow older, a great place to grow older Age UK, Age UK, Age UK blog, Age UK General Election campaign, Ageing, ageing population, ageing society, Incomes, money matters, older people, pensioner poverty
In a surprise announcement at the start of 2014 David Cameron, the Prime Minister, said that maintaining the ‘triple lock’ for the basic state pension will be a key part of the Conservative’s next election manifesto. This would mean that, at least until 2020, the basic state pension would be increased annually by the rise in prices, earnings or 2.5 per cent – whichever is higher. In response the Labour leader Ed Miliband has also said he is committed to the triple lock.
Reaction has been variable. Some newspapers immediately suggested this would affect other benefits such as the winter fuel payment – the Daily Mail’s headline was ‘Turmoil over OAP benefits’. The Independent welcomed the announcement but said it does not go far enough pointing out that the basic pension is still only £110 a week.
Alternatively, others have focussed on what this means for younger people with the Intergenerational Foundation stating the move is unaffordable and ‘betrays’ the younger generation. Continue reading
Posted in Consumers, Government, Income, Money Matters
Tagged Age UK, Age UK blog, Ageing, ageing population, ageing society, Coalition Government, Conservative election manifesto, Conservativr election manifesto pensions, David Cameron pensions, David Cameron triple-lock, general election, general election 2015, Government, Incomes, money matters, older people, pensions, pensions triple lock, state pension, triple-lock, universal be, value of state pension triple lock
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'
Last week saw the publication of the long awaited White Paper on State Pension reform. This sets out plans for a single-tier State Pension of around £144 a week for people reaching State Pension age in the future (probably from April 2017 onwards). The reforms aim to create a simpler system, reducing the need for means-testing and making planning for retirement easier. They are also intended to produce a fairer system with a better State Pension for those who have had years of low earnings and caring responsibilities.
Age UK supports these aims and we have welcomed the reforms as an important step forward for future pensioners. However we are aware that there are criticisms. In particular many older people with State Pensions of less than £144 are angry that they will not benefit. Continue reading
Posted in Income, Money Matters
Tagged Age UK, Age UK blog, Ageing, ageing society, draft Pensions Bill, Income, Incomes, money matters, pension reform, pensions, Pensions Bill, retirement, Sally West, saving, Single-tier pension, single-tier State Pension, state pension, State pension reform, State Pension reform white paper, state pension system