Independent Age has created an action list to ensure increased benefit uptake and improved living standards. A new report from Independent Age warns that by 2040, if current trends and policies stay the same, the UK could see a dramatic surge in poverty in later life. The national charity supporting older people in financial hardship, projects that if poverty levels among people aged 65 and over continue to change in line with year-on-year trends, poverty among older people could increase from 17 per cent to 23 per cent.
This would mean that the number of people living in poverty in later life across the UK could almost double, from the current 2.1 million to 3.9 million people by 2040.
More worryingly, poverty levels among older people with a disability could increase significantly from 18 per cent to 29 per cent which compares to a projected increase in poverty in the non-disabled older population from 17 per cent to 19 per cent. Those with disabilities often face additional costs to manage their conditions, resulting in fewer opportunities to save. Poverty has been linked to a shortened life expectancy, a greater likelihood of poor physical and mental health, and increased stress and anxiety.
It also has a societal cost, with the choices older people in financial hardship are forced to make often impacting their well-being, leading to increased health and social care costs. The charity said these results paint a bleak picture of what could happen if political parties acros.