Pensioner millionaires in the UK: identifying the numbers

Document type
Report
Author(s)
Leach, Jeremy
Publisher
Intergenerational Foundation
Date of publication
1 October 2012
Subject(s)
Poverty Alleviation Welfare Benefits and Financial Inclusion, Older Adults
Collection
Social welfare
Material type
Reports

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In order to help further the debate surrounding how Britain’s welfare state should be reformed as the population ages, the Intergenerational Foundation undertook this study to discover how many members of the older generation live in households that have assets of more than £1 million, using data from the 2008/10 Household Wealth and Assets Survey.

The author estimates that in 2011, there were approximately 1.9 million over-60s living in households with asset wealth greater than £1 million, 1 million of whom were over-65 (above state pension age for both males and females). This finding should lead to increased debate about how the British welfare state treats pensioners who have large reserves of private asset wealth, and whether benefits should the distributed according to need rather than age