News

Household Cost Indices from the ONS Show Retirees Living Standards Improve Whilst Worker's Fall

19-12-2017

The Office for National Statistics today released their new Household Costs Indices, a new kind of experimental data that tracks indices for household groups from 2005 to 2017.

Disposable income for those of working age decrease year on year from 2006. Wages during this time grew by 26% whilst costs rose by 27%.

By contrast, retired household's disposable income grew by 49% and living cost 32%.

Although the generational gap grew during this period, poorer household income growth rose. This was particularly apparent in 2015-2016 financial year. However, costs for low income households (the ninth decile in the ONS survey) grew faster than for richer ones.

The report also shows that households without children experienced "stronger rises in prices and costs" than those with children.

The ONS said “given this pattern has only been seen at one time point it is difficult to discern whether this is a trend in the data or a temporary divergence in the figures”.

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