The number of people in the UK between the age of 65 and 74 has increased 13% over the past six years, according to new research.
Three quarters (79%) of those between 65 and 74 are now retired in comparison to 92% in 2016.
The rise is partly due to the rise in State Pension age, according to the research from Aviva.
In 2016, 96% of people in this age range said the State Pension accounted for some of their income, compared with 71% in 2022. This represents a 25% decrease in the proportion of 65- to 74-year-olds receiving part of their income from the state pension.
The 65 to 74 age group is also growing. According to the 2021 Census those between the age of 65 and 74 account for 19% of the UK population, compared with 16% a decade ago.
Over 65s were also more worried about money in retirement than they were in 2016.
Over one in ten (11%) of those surveyed were worried about running out of money in retirement, in comparison to just 1% in 2016.
Matt McGill, managing director at Aviva Equity Release, said: “In the years since we first carried out this research, significant events have impacted the way people feel about the economy, their futures and their retirement plans. Many of these events, such as the cost-of-living crisis, the pandemic and Brexit, have impacted people of all ages, but the increase in the State Pension Age has added new challenges specifically for the over 65s.
“While for some the income gap can be plugged by wages, our survey shows there’s still a significant shortfall for around a fifth of the over 65s, which has translated into them worrying more about having enough money in retirement.”
Censuswide interviewed 1507 consumers over the age of 45 in April 2022.
