Pensioners are 'wealthier than ever' despite cost of living concerns, shocking research claims

These findings, based on the ONS's comprehensive review of household wealth in Britain, specifically showed a marked disparity between pensioner and non-pensioner households during the period from 2020 to 2022.

Under the triple lock pension system, which was introduced by the coalition government in 2011 with the aim of preventing pensioners from falling behind economically, state pension payments are guaranteed to rise every year.

Payments for the retirement benefit rise annually for claimants by the highest of three measures: inflation, wage growth, or 2.5 per cent; whichever is the highest.

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In The Spectator's analysis for ONS data, the publication examined household wealth across Britain, with particular focus on financial assets such as bank accounts, ISAs, and stocks.

Analysis specifically excludes property, pensions, and personalised number plates to focus on readily spendable money. The investigation notes that excluding property values is particularly significant, as rising house prices may improve a household's balance sheet but don't necessarily help with daily expenses.

To ensure clear comparisons, the analysis focused on single-person households without children. The data reveals that median single pensioners have seen their financial wealth double since the triple lock was introduced.

This trend shows a clear upward trajectory in pensioner savings over the past decade. Meanwhile, non-pensioner households have accumulated less wealth, with the gap steadily widening since the triple lock's implementation.

Despite this trend, concerns have been raised about rising pensioner poverty amid the ongoing cost of living crisis which has seen households forced to contend with inflation-hiked prices and soaring energy bills.

Last year, Chancellor Rachel Reeves confirmed Labour's plan to means-test Winter Fuel Payments going forward, which offer up to £300 in energy bill support to older Britons.

Instead of being given to every pensioner, households will now need to be in receipt of means-tested benefits from the Department for Work and Pensions (DWP), including Pension Credit.

More than 2.5 million pensioners who have lost their Winter Fuel Payments struggle by on an income below the standard required for a dignified standard of living, the Centre for Ageing Better found.

Based on a survey conducted by the think tank, one in four (25 per cent) people aged 65 and over are deemed too wealthy for help with their energy bills by the Government but too poor to live a dignified life according to the Minimum Income Standard (MIS) established by poverty experts and the general public.

This jump to 29 per cent of people aged 74 and over who have an income above the Pension Credit threshold, and now no longer eligible for Winter Fuel Payments, but with incomes lower than the MIS.

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Holly Holder, deputy director for Homes at the organisation, said: "Our research provides further evidence that there are hundreds of thousands of pensioners who will suffer the consequences of the decision to limit Winter Fuel Payments to only those on extremely low incomes eligible for Pension Credit or other benefits.

"The pensioners identified in our research were already living on inadequate incomes before their Winter Fuel Payments were taken from them. The majority of these people will not be able to afford to heat their homes to a safe level this Christmas or for the rest of the winter.

"Their health will likely suffer as a consequence. While we accept there is a case to be made for removing this universal right from pensioners who don’t need a Winter Fuel Payment, this new research shows that the Government is also removing support from people who desperately need it.

"We fear what will happen to them now it is no longer available."