New research is sounding the alarm over a state pension "crisis" as the Department for Work and Pensions (DWP) continues to raise the retirement age despite over 60s "struggling to make ends meet".
As the state pension age begins its rise from 66 to 67 this month, research reveals the severe financial strain facing those waiting to claim their entitlement.
According to findings from the Standard Life Centre for the Future of Retirement, individuals in their early 60s who have yet to reach pension age are almost three times as likely to have skipped essentials such as food, heating or clothing over the past year.
The study found that 14 per cent of those just below State Pension age had gone without basic necessities in the last 12 months, compared with just 5 per cent of people aged 66 to 69 who are already receiving their pension.
New research is sounding the alarm over a stat pension 'crisis'
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One in four people in their early 60s reported struggling to cover everyday expenses, a figure that drops to 15 per cent among those already collecting their state pension.
Separate analysis from the same research centre showed that 250,000 additional people aged 60 to 64 now live in relative income poverty compared with 2010, a shift largely attributed to previous increases in the pension age.
Among those earning under £25,000 annually, a fifth said the pension age rise would significantly affect their household finances, whereas only one in ten of those earning £50,000 or more anticipated a major impact.
For the poorest fifth of non-working households containing someone aged 66 to 70, the State Pension accounts for nearly three quarters of total income.
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Those below the state pension age are more likely to have gone without essential items compared to state pensioners, Standard Life's research found
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To bridge the gap until they become eligible, more than a third of non-retired people in their early 60s say they will need to extend their working lives.
Some who had already retired are now reconsidering, with five per cent of those affected saying they will return to work as their financial situation proves harder than expected.
Patrick Thomson, the head of Research Analysis and Policy at the Standard Life Centre for the Future of Retirement, said: "We face a growing crisis in which too many people in their 60s are struggling to make ends meet as the State Pension age rises."
Mr Thomson noted that while the policy change is projected to save the government approximately £10 billion annually, much of this will simply be redirected elsewhere.
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People will either deplete their own retirement funds or turn to other state benefits to cope. He called for greater focus on supporting working carers and those with health conditions, alongside investment in lifelong learning to help people remain in employment.
Mr Thompson added: "We need to help those still unaware of the upcoming changes, and support those most at risk of financial hardship resulting from the rise."
He also urged forward planning as ministers currently review proposals for a further increase in the State Pension age to 68, warning that women and lower earners face disproportionate consequences from such changes.