It takes nothing into account. My house is worth £300k up here. However I don't have any real money. Same house in the south east it's worth a million.
So I'm a millionaire in London and have a very good median wealth up here. But in both instances the reality is I don't have a pot to piss in.
"Around 3.4 million pensioners are struggling financially, with millions relying on debt, reducing food portions, or turning off heating to pay for other essentials. Low-income retirees are particularly vulnerable, with over half reporting extreme difficulties in keeping up with bills and credit commitments.
Key Facts on Pensioner Financial Hardship:
- Long-term struggle: Nearly half of the 3.4 million older people facing financial difficulty have been struggling for three years or more.
- Debt and safety nets: Roughly 30% of low-income pensioners are carrying some level of debt, and 21% have to dip into their savings just to pay for everyday expenses.
- Energy bills: Energy costs remain the single biggest financial pressure for older households. Many pensioners would rather turn off their heating than fall into debt, putting their health at risk.
- Unexpected costs: One in five low-income pensioners would find it impossible to pay an unexpected emergency bill of £200, such as a boiler repair, without borrowing money".