Wealth Divide and Domestic Abuse

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 31 May 2025

⏱️ 26 minutes

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Summary

People over the age of 60 hold nearly £3 trillion of wealth in the value of their homes, almost all of it mortgage free. That is more than half of all housing wealth in the UK. Under 35s by contrast control only £600 billion and half of that is mortgaged. These startling figures were published recently by the upmarket estate agent Savills which has analysed housing data in Britain for many years. It says this disparity between young and old has never been bigger.

MPs, charities and free debt advice providers are calling for an urgent change in the law to help protect the finances of thousands of domestic abuse survivors. At the moment people, mainly women, who are left in debt after fleeing abusive relationships normally have to have their names and addresses published as part of the process of getting that debt written off. Something campaigners say not only puts their personal safety at risk, but can also put them off addressing financial problems altogether. The government has said its currently reviewing this matter and will update in due course.

And, annuities are a safe, regular income in retirement. You can use your pension fund to buy one and a growing number of people are doing just that. Sales of annuities have seen an 83% increase since 2020, based on figures from the Association of British Insurers. We'll discuss what's behind that rise.

Presenter: Paul Lewis Reporters: Dan Whitworth and Jo Krasner Researcher: Catherine Lund Editor: Jess Quayle

(This programme was first broadcast at 12pm Saturday 3rd May 2025)

Transcript

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0:00.0	Before this BBC podcast kicks off, I'd like to tell you about some others you might enjoy.
0:05.1	My name's Will Wilkin and I Commission Music Podcast for the BBC.
0:08.7	It's a really cool job, but every day we get to tell the incredible stories behind songs,
0:13.5	moments and movements, stories of struggle and success, rises and falls, the funny, the ridiculous.
0:19.1	And the BBC's position, at the heart of British music
0:21.7	means we can tell those stories like no one else.
0:24.5	We were, are and always will be right there at the centre of the narrative.
0:28.6	So whether you want an insightful take on music right now
0:31.3	or a nostalgic deep dive into some of the most famous and infamous moments in music,
0:36.1	check out the music podcasts on BBC Sounds.
0:40.0	BBC Sounds, music, radio podcasts.
0:43.8	Hello, welcome to this Moneybox podcast. Housing wealth is mainly in the hands of the over 60s.
0:49.7	New figures reveal they're sitting, or sitting in, nearly three trillion pounds worth, almost all of it, mortgage-free.
0:56.2	And have safe, reliable incomes in retirement come back in fashion as annuity sales saw.
1:02.4	But first, thousands of people, mainly women, who have escaped an abusive relationship and need help getting out of debt,
1:09.8	are being told they must pay £308 to hide their
1:14.0	current address from their abuser. And that leads to more trauma, as Elizabeth told us.
1:19.4	Even if nothing was to happen and no one was to find me, I'd constantly be on edge and I'd be
1:25.2	thinking about it and I wouldn't be able to move on from the
1:27.5	situation and I'd still live in fear. One common result of escaping an abusive and controlling
1:33.6	relationship is debt. Indeed, that's often part of the abuse. But to get it written off,
1:38.7	survivors must go through an official process which results in their name and address being
	...

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