Pensioners have never had it so good

British pensioners are wealthier than ever. New figures from the Office for National Statistics, analysed by The Spectator’s data hub, show pensioner savings soaring whilst stagnating for those in work. 

When the coalition government brought in the triple lock in 2011, it had a noble purpose – to protect pensioners from falling behind. The state pension had failed to keep pace with earnings, leaving many struggling. The ratchet effect – linking pensions to inflation, wage growth or 2.5 per cent, whichever was higher – promised to solve this.

But almost 15 years later, has it delivered? And at what cost? Last week the ONS released its mammoth review of household wealth in Britain, with new data covering the pandemic years from 2020 to 2022. Tucked inside it are striking comparisons of financial wealth between pensioner and non-pensioner households. 

This is purely financial assets – bank accounts, ISAs, stocks – so essentially money that can be readily spent.