UK pensioners' incomes have risen faster than all other age groups in the last 30 years, a study has shown.
The study from the Institute for Fiscal Studies (IFS) described the trend as "a triumph of social policy", arguing that poverty in old age was being reduced. The research also found that the over-60s are the only age group to have become better off since 2007/08. The findings may fuel the debate over how much protection pensioners should be given from austerity measures.
'Younger' poverty
The IFS said while older people had become richer on average since the beginning of the financial crisis in 2007/08, younger people had become poorer. The median - or middle - income of the over 60s grew by 2-3% between 2007/08 and 2011/12, continuing a long-term trend, it said. This was primarily the result of the stability of benefits such as the state pension.
Yet, the median income of people in their 20s fell by 12% over the same period, allowing for inflation. This was the largest fall of any age group, owing to low or frozen wages and high unemployment. "The face of poverty has become much younger during recent decades," said David Phillips, a senior research economist at the IFS. "It is young people who have suffered most as a result of the recent recession and who are now at risk of falling further behind.
"It is important that policymakers and politicians understand these profound changes to patterns of low incomes and respond accordingly."
BBC News - Pensioners' incomes rising fastest, says IFS
I'm sure the government will welcome this report with open arms so they can start justifying removal of winter fuel allowance, free bus passes and anything else that pensioners have paid for all of their lives. The timing of this study is remarkable, since it is published at a time when George is busy working out which departments will have to save money...... I await the announcment
Tories and Libs, keeping the poor poor from birth to death...
The study from the Institute for Fiscal Studies (IFS) described the trend as "a triumph of social policy", arguing that poverty in old age was being reduced. The research also found that the over-60s are the only age group to have become better off since 2007/08. The findings may fuel the debate over how much protection pensioners should be given from austerity measures.
'Younger' poverty
The IFS said while older people had become richer on average since the beginning of the financial crisis in 2007/08, younger people had become poorer. The median - or middle - income of the over 60s grew by 2-3% between 2007/08 and 2011/12, continuing a long-term trend, it said. This was primarily the result of the stability of benefits such as the state pension.
Yet, the median income of people in their 20s fell by 12% over the same period, allowing for inflation. This was the largest fall of any age group, owing to low or frozen wages and high unemployment. "The face of poverty has become much younger during recent decades," said David Phillips, a senior research economist at the IFS. "It is young people who have suffered most as a result of the recent recession and who are now at risk of falling further behind.
"It is important that policymakers and politicians understand these profound changes to patterns of low incomes and respond accordingly."
BBC News - Pensioners' incomes rising fastest, says IFS
I'm sure the government will welcome this report with open arms so they can start justifying removal of winter fuel allowance, free bus passes and anything else that pensioners have paid for all of their lives. The timing of this study is remarkable, since it is published at a time when George is busy working out which departments will have to save money...... I await the announcment
Tories and Libs, keeping the poor poor from birth to death...
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