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Europe’s pension crisis deepens as 3.7 million retirees face poverty in 2024

A broken system and soaring living costs are pushing Europe’s elderly into financial ruin. Why are policymakers failing to act as the crisis spirals?

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2 min read
In this picture there some old women standing in the front smiling and looking on the right side....
In this picture there some old women standing in the front smiling and looking on the right side. Behind there is a black background.

3.7 Million Retirees in Germany Affected by Poverty or Social Exclusion - Europe’s pension crisis deepens as 3.7 million retirees face poverty in 2024

Old-age poverty in Europe has reached a record high in 2024, with 3.7 million pensioners now at risk of poverty or social exclusion. This marks the largest number since official tracking began, as rising living costs and stagnant pensions push more retirees into financial hardship.

The issue has drawn sharp criticism from campaigners, who warn of worsening conditions for older people across the country.

Between 2022 and 2024, the number of pensioners facing poverty or exclusion grew by 328,000—a 9.6% increase. By 2024, 21.2% of Europe’s over-65s were affected, up from 19.8% just two years earlier. Under EU rules, a person is considered at risk if their income falls below 60% of the national median.

Social exclusion is defined by three key factors: poverty risk, severe material deprivation, or living in a household with very low work intensity. Data from sources like EU-SILC and regional reports show rates as high as 19.6% nationally and 18.3% in Lower Saxony, though no single organisation tracks exact registration numbers. Women bear a heavier burden, with 2.267 million at risk in 2024 compared to 1.477 million men. Over the same period, an additional 184,000 women and 144,000 men slipped into poverty. Advocacy groups, including the German Women’s Council and HelpAge, have highlighted the growing gender gap. Fabio De Masi, co-leader of the Federal Pensioners’ Association (BSW), called old-age poverty 'Europe’s biggest social tinderbox.' He criticised policymakers for targeting older people in austerity debates and noted that Europe’s pension system ranks among the worst in Europe—roughly ten percentage points below the EU average.

The latest figures confirm a worsening trend, with 3.744 million pensioners now struggling financially. Experts point to systemic issues, including low pension levels and inadequate support for vulnerable groups. Without intervention, the number of affected retirees is likely to keep rising.

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