British pensioners currently receive an income mirroring that of a graduate despite the fact their income has risen by one-quarter over the past decade, latest figures from the DWP reveal.
According to Department for Work and Pensions' 'The Pensioners' Incomes Series 2002/3' published on Friday, the average retiree in the UK were last year getting by on a mere £237 per week.
While this was up around 25% compared with the income received in 1994/5 to 2002/3, this is still only equivalent to an annual salary of around £16,000 - usually the amount a first-jobber would earn.
That said, the average pensioner still had £60 more in the pocket per week compared with a single pensioner, who last year would have had to scrape by on a weekly income of £177.
Pensioner couples on the other hand had an average net income of £327 per week.
Unsurprisingly, the DWP report reveals women and older pensioners (over the age of 75) are the ones with the lowest incomes, receiving £172 and £167 per week respectively.
State retirement pension and other National Insurance benefits for the elderly accounted for just over half (51%) of all pensioners income in 2002/3, and occupational pensions made up 27% of the total amount received.
Investment income and earnings also boosted some pensioners weekly incomes, while personal pensions only amounted to 3% of the money retirees were living on.IFAonline
Paul Bruns and Elaine Parkes
3,000 left to transfer
Record numbers of people aged 90 plus
From 3 to 10 October