Over half of people not confident they can afford comfortable retirement

New polling from Independent Age has shown that 55% of adults under the age of 65 are not confident they will have enough money to live comfortably in retirement. The charity, which today launches a new strategy and visual identity, says these findings should raise the alarm about the threat of poverty in later life and highlights that its services are needed more than ever.

Independent Age also asked older people in Great Britain what challenges they are currently facing and found that over two in five (43%) older people (over 65) are worried about being able to afford basic essential costs such as food, housing and utility bills like energy and water over the coming six months.

1.7 million older people across the UK currently live in poverty  (one in seven)  and around a million more hover precariously just above the poverty line. Research previously conducted by the charity** projected that if nothing changes by 2040, the number of older people in poverty could reach 3.9 million, or almost one in four (23%).

The charity’s polling on the levels of confidence to have enough money to live comfortably in retirement further revealed:

Only 28% of 18 – 24-year-olds and 29% of 25 – 49-year-olds were ‘very or fairly confident’ (under a third) and 43% (less than half) of the age group closest to retirement (at 50 – 64 years old) felt the same confidence.

Independent Age was founded in 1863 to support people in poverty. Since 1948, it has focused solely on older people. Today, it launches its updated look, with a new logo and bold tagline: “Let’s end financial hardship in later life”. Its new strategy (2027 – 2030) builds on the charity’s 163-year history of listening, empowering, supporting and amplifying the voices of people experiencing financial hardship. The strategy sets out how the charity will accelerate efforts to work with other key organisations to change the failing systems that leave older people in poverty before the end of this decade.

Joanna Elson CBE, Chief Executive of Independent Age, said: “These new findings are alarming. As our charity goes into its 164th year, our work to end financial hardship in later life is more important than ever. Today’s launch of our new strategy and visual identity will mean we can better reach and support both today and tomorrow’s pensioners facing life in poverty so that every older person can afford to live well.”