The latest research published by the Office for National Statistics (ONS) showed pensioner incomes are rising faster than working households', but inequality among retired households is on the rise.
In its paper ‘What has happened to the income of retired households in the UK over the past 40 years?' the ONS looked at pension wealth since 1977 until the financial year ending (FYE) 2016. It found during that period the disposable income (the amount of money for spending and saving after direct taxes) of retired households increased at an average annual rate of 2.8%. This compared with average annual growth for working households at 2.1%. In 1977 about one-fifth (21%) of retired households had a disposable income of more than £10,000 a year but by 2016 this had increased to 96% o...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes