Households aged between 65-74 had an average weekly spend of £455 in 2021/22
A new report on family spending data across the UK from the Office for National Statistics shows that the average weekly expenditure for households aged between 65 and 74 was £455.30 in 2021/22. This amounts to around £23,000 each year.
Ms Morrissey said: “State Pension incomes may have surged this year but still come nowhere near meeting our retirement income needs. Spending tends to fall sharply as we get older as you may go out less and you may not drive as much as you once did. The ONS figures cover the 21/22 financial year and don’t really take into account the eye-watering increases in costs we saw as inflation rose last year. Ms Morrissey said that next year’s figures will “no doubt show the huge surge in the basics such as gas, electricity and food that we have all been grappling with”.
Top Money Stories Today Who should check for Pension Credit? If you are over 65 and reached their State Pension age before April 6, 2016, you could still qualify for Pension Credit if your weekly income is less than: Other help if you get Pension Credit If you qualify for Pension Credit you can also get other help, such as:
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