Value of pensioner benefits income increases by 8% since 2001, accounting for a quarter of income growth
Pensioner households have, on average, £20 more a week than working households, according to research by Resolution Foundation.
In 2001, pensioner incomes were around £70 a week lower than working age incomes. However, income growth of individuals who turned 65 in 2001 was 7% higher in 2014.
The rise in average pensioner income comes from people retiring in recent years.
Factors driving the rise in pensioner income:
higher levels of pensioners in some kind of employment – almost a fifth of pensioners remain in some kind of paid employment after reaching retirement age
high levels of home ownership – 73% of pensioners currently own their home
generous private pension pots – occupational pension pots are the biggest source of rising pensioner income.