Action on money
The pressures on older people’s finances have increased significantly over the last few years, leaving several million pensioners now living in poverty – many facing the tough choice of heating or eating, while huge numbers find their lives narrowed down to “just getting by”.
Many are being compelled to either delay their retirement or return to work to make ends meet, as pension incomes diminish and the cost-of-living crisis bites. A whole cohort of women have found themselves unexpectedly facing more years of work despite living with poor health, after their State Retirement Age was pushed out to 67.
In this Action Area we’ll look to address some of the bigger issues facing older people, as well as providing helpful information and objective advice from our members on topics including:
- Pensions, benefits and savings
- Paying for care
- Grants, benefits and other forms of support
- Utility costs
- Wills and LPAs
- Planning for retirement
We also plan to develop a suite of downloadable resources that can be shared.
Critically, we hope to inform service suppliers and policy makers of the evolving and often complex needs of older people – informed by their lived experiences – through surveys, focus groups and research.
Get involved
If you want to contribute to this action area, either in the form of news, comment, information or advice, do please get in touch by emailing info@theageactionalliance.org
The Age Action Alliance is supported by
Latest News
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“50 years of progress against pensioner poverty under threat”
The Centre for Ageing Better’s latest report shines a light on the diversity and inequality amongst the country’s older populations including the growing financial pressures felt by many
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Older people in Wales face falling deeper into fuel poverty this winter
The cost-of-living crisis and a lack of long-term solutions means that serious challenges lie ahead for older people in Wales this winter, a new report has found.
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Older people left without a “safety net” this year after using up savings
As another winter approaches and high costs continue, Independent Age is warning that older people’s ability to cope this year could be further reduced as older people have already seen their savings diminish.
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Six in ten older people on low incomes “already cutting back on energy to make ends meet”
Age UK has called on the Government to extend targeted support for older people on low incomes this winter.
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4.2 million older people cut back on food and groceries in cost-of-living crisis
New research for Age UK reveals almost a third (29%) of over 60s, equivalent to 4.2 million have recently cut back on food or groceries to make ends meet, rising to 40% of people aged 60+ living in a household with an income of £20k or lower.
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Retailers “missing a trick” with older consumers
With nearly two-thirds of over 65s shopping online, high street retailers risk losing out on significant spend if they don’t make in-person shopping more accessible and inclusive, argues ILC UK.
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Almost a quarter of older Londoners living in poverty
Almost a quarter (24%) of older Londoners are now living in poverty, according to the latest data released by Age UK London – far higher than the rest of England, where the figure is currently 19%.
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Older Londoners “feeling more lows than highs,” new research reveals
New research from Age UK London, published to mark the International Day of Older Persons and Silver Sunday (1 October) has revealed that, while more than half of older Londoners (59%) feel positive about living in the city, only 13% consider London a place where older people are valued.
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“A constant struggle”: the older people having to decide between whether to wash with cold water or eat dinner
A new report from Independent Age lays bare the often-hidden experiences of how pensioners facing financial hardship are being impacted by increasingly high household costs, across water, energy, broadband, and Council Tax.
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Research reveals which generation is going to be the best off… and which will be the worst off
Applying Macmillan’s saying that “you’ve never had it so good” to those either in or heading towards retirement might come as a surprise to some people, but new data shows that those retiring today may well be much better off than their younger counterparts.
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Government “failure” means 4 in 5 miss out Energy Bills support
New figures published by Age UK show that the Energy Bills Support Scheme (EBSS) Alternative Fund, designed to give a crucial £400 to households that receive their energy supply indirectly via a landlord, site owner, or other intermediary, has completely flopped, having failed to reach almost 4 in 5 of all those eligible.
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Older people from minoritised ethnic communities up to 60% more likely to be living in poverty
Older people from minoritised ethnic communities are being let down when it comes to escaping poverty, as language barriers, government mistrust and a lack of effective promotion of financial support stand in their way, according to new research from national charity Independent Age.
Latest blogs & comments
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Dementia: what legal and financial planning should I consider?
From whether you should be paying for care through to sorting out an LPA, Professor June Andrews looks at some of the key things to consider if you or a loved one have dementia.
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A unique way to pay for residential care… without selling your home
Every year, thousands of elderly people and their families face the conundrum of how to pay for care home fees – which can typically be between £40,000 and £50,000 a year. We talk to Jeremy Nixey of Alliance member Shaw Lifetime Care, part of the charitable Shaw Foundation, about the unique option they offer.
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Can we find a way together to take the financial fear out of growing old?
It’s not that far back in our history, writes Tony Watts OBE, that later life was a time that many people feared because of the financial insecurity. Sadly, and shamefully, an estimated 1.7 million pensioners still live in poverty in the UK.
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Time running out to boost your State Pension
If you’re heading towards retirement and have historic holes in your National Insurance (NI) record, time is fast running out to fill them… and take advantage of the generous DWP scheme which allows people to plug payment gaps.
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Older People’s Advocacy Alliance delivers free resources to help older people speak up
AAA members the Older People’s Advocacy Alliance( OPAAL) have just published a series of free to download checklists, that will enable older people to better prepare for important conversations, and to speak up about their needs and wants.
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Pensioner poverty stalks the streets of the UK’s richest city
London, Britain’s richest city, also has the accolade of leading the pensioner poverty league. By Tim Whitaker, Trustee of Wise Age
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Too old to get travel insurance? Think again!
Many older people can be put off travelling abroad because they feel that it’s too hard to get travel insurance, especially if they have pre-existing medical conditions… but that doesn’t have to be the case.
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Will I have to pay for my long-term care?
Many of us will eventually need, or choose, to move into a residential care setting. But who will pay the bill? Care fees expert Heledd Wyn sets out your rights.