UK. Pensioners’ incomes rapidly catching up with workers’ after retirement earnings triple in 40 years
Retired households have tripled their incomes in the past 40 years, substantially narrowing the gap in earnings with working-age households.
Back in 1977 the average pensioner household’s income was £10,500 (in 2016 prices, which account for inflation), just 52pc of the £20,200 earned by non-retired households.
But by the financial year ending in 2016 those pensioners’ incomes had risen to £29,500, according to the Office for National Statistics.
By contrast, non-retired households’ incomes had only doubled, rising to £41,900 on average.
On average over the past 40 years, retired households’ real disposable incomes have risen by 2.8pc per year compared to 2.1pc for non-retired households.
That means pensioners have narrowed the gap, increasing their incomes from 52pc of non-retired households’ earnings to 70.4pc.
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