New research from the Living Wage Foundation has found that more than half of UK pensioners on low incomes are struggling to pay bills and meet financial commitments.
The survey reveals that around one in three pensioners rely on benefits or financial help from family and friends to make ends meet.
A similar proportion have fallen into debt as rising living costs continue to squeeze household budgets.
The research shows that one in five pensioners would be unable to cope with an unexpected £200 expense.
Renters are among the worst affected, with nearly half carrying some form of debt compared with less than a quarter of homeowners.
Single pensioners also face acute difficulties, with four in ten living with debt and more than a third unable to cover a £200 emergency.
The study found that one in seven pensioners have fallen behind on bills or rent payments over the past year.
Some have turned to payday loans, while others reported being unable to heat their homes or said they skip meals to save money.
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Many pensioners feel they are being raided.
| GETTY/GB NEWSThe financial pressures are affecting pensioners’ wellbeing.
A quarter of those surveyed said money worries are disrupting their sleep, while more than a quarter reported growing anxiety about their financial situation.
The Living Wage Foundation said the findings undermine the traditional view of retirement as a secure period after work.
Nearly half of low-income pensioners reported cutting back on hobbies and leisure activities.
A quarter of those surveyed said money worries are disrupting their sleep, while more than a quarter reported growing anxiety about their financial situation.
| GETTYMore than four in ten said they had reduced spending on gifts or charitable donations.
A quarter said they could rarely, if ever, afford non-essential items that make life more enjoyable.
The study also shows that current financial strain is not limited to those who earned lower wages during their careers.
Forty two per cent of low-income pensioners said they considered themselves middle or higher earners before retirement.
Two in five said they were struggling more now than they did while working.
The majority rely mainly on the State Pension, with over half lacking any form of workplace pension.
The findings show that having a workplace pension significantly improves financial stability.
Among those able to keep up with bills, more than half had income from a workplace pension, compared with just over a third of those facing financial difficulties.
The Living Wage Foundation has introduced a Living Pension accreditation scheme to encourage employers to improve retirement outcomes.
The scheme sets a voluntary savings target of £2,950 per year, or 12 per cent of salary, with employers expected to contribute at least £1,720, or seven per cent, under the accreditation.
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Aviva are among 75 organisations to have signed up to the scheme.
| PAMore than 75 organisations have signed up, including Aviva, Legal & General and Everton Football Club.
Katherine Chapman, director of the Living Wage Foundation, said: “These findings show the tough reality for too many pensioners who, after a lifetime of work, are still left without enough to live on. No one should be worrying about putting the heating on when it’s cold or boiling the kettle for a cup of tea.”
A Government spokesperson said: “Supporting pensioners is a top priority and, thanks to our commitment to the triple lock, millions will see their yearly state pension rise by £1,900 this Parliament.
“We have also run the biggest-ever campaign to boost pension credit take-up, with over 57,000 extra pensioner households being awarded the benefit, worth on average around £4,300 a year.
“To ensure tomorrow’s pensioners will not be poorer than today’s, we are reviving the Pension Commission to tackle the barriers that stop too many people from saving.”