Research from Standard Life has shown that one in seven (14 per cent) people just below state pension age have gone without food, clothing or heating in the last year, compared to one in twenty (5 per cent) above state pension age.
From 6 April onwards, the state pension age is due to start increasing from 66 to 67.
The Standard Life Centre for the Future of Retirement study of 3,030 UK adults aged 60-69 showed that over a quarter (26 per cent) of people in their early 60s said they currently struggled to make ends meet on a day-to-day basis, compared to one in seven (15 per cent) above state pension age.
A fifth (21 percent) of people earning less than £25,000 said the rise in the state pension age will have a major impact on their household finances, compared with just 10 per cent of those earning £50,000 or more, highlighting that the impact of the changes is not evenly spread.
Patrick Thomson, head of research analysis and policy at the Standard Life Centre for the Future of Retirement, says: “The rise in state pension age is less than a week away and, while most people impacted know it is coming, they really don’t like it. Many say the change makes them feel pressured, anxious or insecure.
“Most people affected expect the increase to impact their finances, retirement choices or health, and are making changes to adapt; working longer, saving more, or drawing down on savings.”
The research followed from recent analysis from the Standard Life Centre for the Future of Retirement, which showed that 250,000 more 60–64-year-olds were living in relative income poverty compared with in 2010, largely because of increases in the state pension age.
