A new report has shown that, for the first time, UK pensioners’ incomes are higher than those of their younger counterparts. On average, pensioner households are £20 per week better off than working-age households. The results come from a study by the Resolution Foundation for the Intergenerational Commission.
Sky News reports –
“The As Time Goes By study states that after housing costs, typical pensioner households are now £20 a week better off than typical working age ones… The story is quite different from that of 2001, when pensioner incomes were £70 a week lower than working age ones… The biggest reason for the growing wealth for older people were their occupational pensions, which account for over a third of gross pensioner income growth since 2001… Also, 73% of pensioners now own their own homes, up from 64% 16 years ago.”