Based on a new analysis of the Households Below Average Income (HBAI) statistics, it shows that pensioner poverty is increasing in the UK but particularly in London – London is rising faster than any other region and has by far the highest rate of pensioner poverty, at 25%. This has increased by 7% since 2012 – 2014.
We know how badly off most older people especially pensioners are, with the lowest state pension rates in Western Europe and with those just reliant on state pensions near the poverty line. Although there are many pensioners who have wealth and good income, which makes the grey pound so important, they are vastly outnumbered by the majority living on less than the tax threshold of £12,500 per year. That is why the triple lock, the fuel allowance, free transport, and BBC license fee are so important to maintain.