A damaging stereotype permeates our society: that everyone in later life is enjoying a comfortable retirement with a large pension pot, mortgage-free mansion and significant savings. Sadly, for all of us, this is not the case.
The hidden reality is that more than two million pensioners in the UK live below the poverty line, with many more hovering precariously above it. The individuals who make up this group are often invisible, overlooked and unheard – and the dream of a carefree, financially secure retirement is anything but reality.
Our report, The hidden two million, shows the reality of facing financial hardship in later life. Drawing on Independent Age’s conversations with older people on low income across the UK, the report lays bare the difficult decisions they have to make on a daily basis. Alongside this, it highlights the national picture, with pensioner poverty on the rise, and explores the groups of older people most likely to be affected.
In our report, we identify action that decision makers could take across the UK to ensure everyone has the money they’re entitled to, is able to avoid high costs, and is able to live in a warm, safe home with the support they need to live as they choose.
We have also launched a new short film, bringing to life the issues that older people in financial hardship face daily. Each of the case studies within the film represents an area of financial hardship that we will be focusing on: income, costs, community and housing. Watch the film here.