Research from Age UK London reveals over a third (36%) of older Londoners say that the city is becoming increasingly unaffordable for them. The cost of transport is a concern, limiting older Londoners’ ability to get around the city. The temporary re-introduction of pre-9am use of the Freedom Pass and 60+ Oyster on Fridays, under the Mayor’s recently launched trial, is a welcome relief.
The research also shows that 39% of older Londoners are not satisfied with their financial situation, highlighting unmet needs and challenges faced by older people concerning financial security.
With 79% of older Londoners reporting their finances as a key concern, rising costs of food and energy mean every penny counts. Data published by Age UK London in October highlighted that almost a quarter (24%) of Londoners over the age of 50 are living in poverty.
Those who rely on the state pension alone say that their tight finances are having to be stretched even further.
Abi Wood, CEO, Age UK London said:
“The financial struggles of older Londoners, whether they are still working or retired, are continuing and worse than ever. We continuously hear stories from people about the daily challenges they face.
“The reintroduction of free travel on Friday mornings for Freedom Pass and 60+ Oyster card holders over the next three months is welcome, but by no means far enough. As we get closer to the London Mayoral and Assembly elections, we will continue to be asking for more help for older people from the candidates, including bringing back free travel on weekday mornings and other ways to help them make ends meet.”
The off-peak Friday trial, including reinstating free travel before 9am, will continue every Friday until June and was introduced by the Mayor to assist Londoners with the cost-of-living, as well as encourage travel into the capital on Fridays.
