Latest Issue

Wealthy pensioners

Unfairness is growing

By Paul Johnson   December 2012

Recent research suggesting that around a million people over the age of 65 live in households with wealth of more than £1m again raises the question of whether Britain has a problem of intergenerational inequity. Do older generations have, and are they eating, too much of the national cake?

As a group they are better off, relative to those of working age, than ever before. Pensioner incomes are at a record high compared with average incomes and continue to rise. This reflects three major policy decisions.

First, the last Labour government spent billions increasing means-tested benefits for the poorest pensioners.…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to

More From Prospect