Around 450,000 over 65s are nonetheless paying off the price of their properties into retirement, in keeping with official figures.

Half of these have financial savings and investments of beneath £3,000 to depend on with some having nothing put aside in any respect.

Shadow work and pensions secretary Jonathan Ashworth mentioned: “Older people are at the sharp end of the Tory cost of living crisis due to soaring energy bills and out-of-control inflation.

“For 450,000 pensioners, the Tory mortgage bombshell risks being a further hammer blow to their life savings and living standards.”

Labour evaluation of presidency information discovered the variety of mortgaged pensioners with none financial savings has risen by a 3rd. 

In 2019-20, there have been round 50,000 older folks and not using a wet day fund however that rose to 70,000 two years later. 

Half of all pensioners with a mortgage had financial savings of £3,000 or much less in 2021-2022, in comparison with 43 p.c in 2019-20.

Silver Voices director Dennis Reed mentioned older folks have been having to increase mortgages to deal with the price of dwelling disaster.

He added: “Lots of older people are asset rich and income poor and their incomes are fixed.

“These figures show the need to keep the triple lock in place because unless state pensions rise in line with inflation, people will struggle to make ends meet.”