Age UK launches Economic Monitor

Age UK launches Economic Monitor to track older people's financial wellbeing

To try and give greater clarity to the ongoing discussion of the economics of an ageing population, Age UK today launches its quarterly Economic Monitor.

The Monitor will track a range of indicators chosen to reflect the reality of the economic situation for people in later life and present expert analysis of their significance.

The first issue released today looks at the projections made by the Office of Budget Responsibility on the cost of an ageing population and shows that with planning the additional costs to the economy are affordable.

Michelle Mitchell, Charity Director General of Age UK said: 'We hope that the Economic Monitor will help illuminate the debate around our ageing population which has so far produced more heat than light around the issue. As a society we need to embrace the fact that on average we are living much longer and make the changes to ensure that we are all able to enjoy later life.

'We are also keen to ensure that there is greater understanding of older people's finances. There has been much media coverage of a cohort of the postwar generation that is relatively affluent but hidden behind those headlines are many more in later life who are really struggling financially. The median average income for a single male on retirement is currently £12,500 - for a single woman it is £11,500 whilst 1.7 million pensioners struggle to exist below the poverty line.'

The report also looks at the lifelong impact of quantitative easing on pensioners who have been forced to accept a much lower annual pay out from their private pensions as a consequence of the Bank of England putting money into the economy. This annual income is, for most people, then set for life meaning that pensioners will carry the impact of the current financial crisis for the rest of their days. A £100,000 pension pot now buys an annual income worth £914 a year less than when quantitative easing started.

Age UK hopes that the Economic Monitor will help decision makers and opinion formers gain a greater understanding of the economic realities for older people today.

 Download the Age UK Economic Monitor (PDF, 2MB)

For more in-depth analysis,  download the full Age UK Chief Economist's Report (PDF, 1MB)

Visit Age UK's Knowledge Hub at www.ageuk.org.uk/knowledge-hub. 

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Media contact: Liz Fairweather
Telephone: 020 303 31718
Out of hours: 07071 243 243

Notes to editors

Age UK

For media enquiries relating to Wales, Scotland and Northern Ireland please contact the appropriate national office: Age Scotland on 0131 668 8055, Age Cymru on 029 2043 1562 and Age NI on 028 9024 5729.

About Age UK

Age UK is the new force combining Age Concern and Help the Aged, dedicated to improving later life.

We provide free information, advice and support to over five million people; commercial products and services to over one million customers; and research and campaign on the issues that matter to people in later life. Our work focuses on five key areas: money matters, health and well being, home and care, work and training and leisure and lifestyle. We work with our national partners, Age Scotland, Age Cymru and Age NI (together the Age UK Family), our local Age UK partners in England and local Age Concerns. We also work internationally for people in later life as a member of the DEC and with our sister charity Help Age International.

Age UK is a charitable company limited by guarantee and registered in England (registered charity number 1128267 and company number 6825798). Age Concern England and Help the Aged (both registered charities), and their trading and other associated companies merged on the 1st April 2009. Together they have formed the Age UK Group ("we").  Charitable services are offered through Age UK and commercial products are offered by the Charity's trading companies, which donate their net profits to Age UK (the Charity).