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|Subject: UK: Pensioner household incomes higher than those of working age, study finds Mon Feb 13, 2017 11:07 pm|| |
|Pensioner household incomes have overtaken those of working age equivalents for the first time, a new study found.|
Elderly spending power has been boosted by a new wave of pensioners who tend to still be in work, own a home and receive generous pension pots, analysis by the Resolution Foundation for the Intergenerational Commission shows.
The As Time Goes By study, which charts income changes across different generations during the past half century, states low growth for working age households has coincided with a surge in pensioner wealth.
After housing costs, typical pensioner households are now £20 a week better off than typical working age ones, according to the report.
This is in marked contrast to 2001 when typical pensioner incomes were £70 a week lower than working age ones.
The growth appears to have come from the recent cohort of pensioners, as while total income in the sector has grown by 30% since 2001, for those who reached 65 in that year, it had only increased by 7% to 2014.
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