Are pensioners richer than everyone else?

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For decades, pensioners were one of the poorest groups in Britain. That is no longer true. Today, the average pensioner is at least as well off as the average working-age person, and in wealth terms many are far better off.

In this episode, Helen Miller is joined by Jonathan Cribb and Heidi Karjalainen to examine what the data really say about pensioner incomes, wealth and living standards. Where does pensioners’ money come from? How much is driven by the state pension, private pensions and housing wealth? Which pensioners are still struggling? And how do today’s retirees compare both with their parents’ generation and with younger people who are still working?

They also look ahead to the future: will younger generations enjoy the same living standards in retirement, or are higher house prices, lower homeownership and the decline of defined benefit pensions changing the picture? This episode sets out the big story of how pensioners’ finances have changed, and what it means for the future.

Zooming in discussion questions:

These are a set of questions designed for A Level economics students to discuss, written by teacher Will Haines.

1. What are the main reasons why pensioners may be viewed as better off than current working-age population?

2. What is the State Pension triple-lock? Do you think it should be maintained, adjusted or scrapped?

3. How does the government balance the needs of pensioners with those of other generations given the current state of public finances?