Many pensioners are struggling with their income in retirement, which has been compounded by the cost of living crisis. Across nearly all types of cash benefits, those with the lowest incomes are receiving the least in support, according to Just Group.
Analysis of ONS data splitting retired households into five groups or quintiles, showed the bottom quintile received £9,254 per year on average in cash benefits.
This was inclusive of the state pension sum which can vary depending on National Insurance contributions.
It is £116 a week less than the £15,311 received by the fourth quintile, and £90 a week less than the top quintile, whose overall income was more than five times higher.
Stephen Lowe, group communications director at Just Group, said: “The findings challenge the notion that most state support for retired people goes to those with the lowest income – in fact it goes to those in the middle and upper ends of the retirement income scale.
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However, this is a major concern for experts who are concerned about this group of people.
Mr Lowe continued: “This may put these ‘property rich, income poor’ people off checking their entitlement to benefits – vital income for retired households facing a cost of living crisis.
“With pensioners already put under pressure by the Government breaking the triple lock pledge, they now face soaring inflation with energy and food prices rocketing – missing out on benefits shouldn’t be another financial blow for retired households to bear.”
The problem is also evident for those claiming Pension Credit – designed to assist individuals who are on low incomes and over state pension age.
As a result, Just Group has encouraged low income pensioners to check their eligibility for the payment, as well as other support they could secure.
Britons can use benefit calculators available online to check their eligibility for support in an anonymous way.
Similarly, for Pension Credit specifically, the Government has an online tool to check if a person could secure a payment.
Local councils will provide information on financial help to pay rent or council tax if a person should so need it.
Alternatively, pensioners can seek independent, regulated financial advice – but this will come at a cost.
Express.co.uk has contacted the Department for Work and Pensions (DWP) for comment.
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