Pensioners fear ‘never retiring' over housing costs, new research reveals

Yahoo

a day ago

An increasing number of older people are being forced to work beyond pension age due to rising housing costs, new research has revealed.
Nearly one in five people aged 55 and over and on low incomes say they want to retire but can't because of housing costs, the survey conducted by Crisis shows. One interviewee told researchers: 'I don't see myself retiring.'
The housing charity says it is a combination of social housing shortages and rising rents that are driving up accommodation insecurity for people approaching retirement.
Campaigners for older people have recently raised the alarm over pension-age incomes being insufficient to cope with cost of living pressures. Age UK research shows that people looking to retire in 2050 are set to receive £800 less per year than current pensioners.
At the same time, private rents continue to rise at a rate far outstripping inflation. Recent research shows that rental costs have increased an average £221 a month over the past three years – a 21 per cent rise.
This has led to one in ten older low-income renters fearing they will be at risk of homelessness by the end of the year, Crisis says, while 21 per cent fear they will become homeless at some point in their retirement.
The latest government figures show that there were 40,320 people aged 55 plus facing homelessness in 2023/24, an increase of 50 per cent over five years.
One interviewee living in housing insecurity said:'You lose your dignity. The only thing you can do is focus on just surviving from day to day. Because any time you remember, where will I sleep tonight? It's a trauma.'
Another said: 'I want a house where I can have my own key to my own door, and my, and have my own garden. My children can come and play anytime they want. Without distraction, without restriction. A bit of relaxation.'
Matt Downie, Crisis chief executive, said: 'Britain's housing crisis is an intergenerational one, with a growing number of older people facing homelessness. Many people who have spent their lives working are left hanging by a thread because of a lack of social homes, leaving charities to fill the gap.
'No one should be forced to endure the hardship and trauma of homelessness, and in later life the consequences can be even more devastating.'
The housing charity has called for the government to go further following its spending review, which committed to £39 billion over the next decade to fund social and affordable housing.
Mr Downie says Labour should focus on delivering this social housing as quickly as possible, and also end the 'real-terms cut' caused by the recent freeze on housing benefit levels.