The first wave of babies born after the Second World War turns 80 this weekend, highlighting how dramatically life expectancy, housing and retirement finances have shifted over eight decades.

Those born in early 1946 were part of an unprecedented surge in births that followed the end of the war in Europe. Nearly one million babies were born in Britain that year, a demographic moment that shaped the country’s social and economic fabric for generations.

On 8 February 2026, the oldest members of that cohort reach their eightieth birthdays. Research from the Equity Release Council suggests that around 470,000 people from the baby boomer generation will turn 80 at some point this year.

This group now sits within one of the fastest-expanding age brackets in the country. England and Wales are home to about 15,300 centenarians, more than double the number recorded in 2003. In the year the baby boom began, fewer than 300 people lived to 100.

LONGER LIVES, OLDER POPULATION

Rising longevity has been a defining feature of the past eight decades. Advances in medicine, improved housing conditions and better nutrition have all played a role, alongside the creation of the National Health Service in 1948.

In 1946, life expectancy at birth stood at 69 years for women and 64 years for men. According to the latest period life expectancy figures from the Office for National Statistics, published in December 2025, men can now expect to live to 79, while women’s life expectancy has risen to 83.

These trends are expected to continue. The number of people aged over 80 is forecast to rise to 4,934,490 by 2036, before reaching 6,234,990 by 2046.

Only a minority of those turning 80 this year are likely to reach their centenary, but the proportion is still historically notable. Around 1.7% of men and 3.8% of women are expected to live to 100, reaching an age that was once a rarity.

ECONOMIC CHANGE ACROSS A LIFETIME

The financial world experienced by this generation has been transformed since their birth. In 1946, the average UK house price was £1,459, equivalent to about £53,503 today. Average prices now stand at roughly £271,000.

Earnings have also shifted dramatically. Full-time workers in 1946 earned around £235 a year, based on weekly pay of about £4.50, or roughly £8,615 in today’s terms. Median gross annual earnings for full-time employees are now £39,039.

For the first years of their lives, there was no state pension. When it was introduced in 1948, a single person received £1.30 a week, with married couples paid £2.10, around £66.86 in today’s money. The full new state pension for those reaching state pension age after April 2016 now stands at £230.25 a week, or £11,973 a year.

Social change is evident in more subtle ways too. Margaret and John topped the baby name charts in 1946, while Olivia and Muhammad are the most popular names today when spelling variants are included.

AGEING, SPENDING AND POVERTY

Population ageing is placing growing pressure on public finances. Between mid-2022 and mid-2032, deaths are expected to outnumber births by around 17,000.

Over the same period, the number of people at state pension age is projected to rise from 12.0 million to 13.7 million, an increase of 1.7 million, even with planned increases to the state pension age.

More than half of social security spending is now directed towards pensioners. In 2025 to 2026, expenditure on pensioner benefits is forecast to reach £177.8 billion, including £146.1 billion on the state pension alone.

Despite this level of support, around 1.9 million pensioners are still living in poverty.

At the same time, older homeowners hold a substantial share of the nation’s housing wealth. Owner-occupiers aged 60 and over are estimated to control £2.89 trillion in net housing wealth, representing 56% of all owner-occupier wealth. Those aged over 75 account for almost a quarter.

Jim Boyd, chief executive of the Equity Release Council, said: “The extended lifespans we now enjoy should be celebrated as a testament to the remarkable economic and social advancements that the baby boomer generation has witnessed.

“Yet ever longer lives means that for many, achieving the standard of living they hope for remains a challenge.

“Those aged 80 or over join our fastest growing cohorts, and those most in need of care, yet few have saved sufficient funds to meet their care costs and poverty among pensioners continues to affect a significant number of older households.

“The current retirement environment highlights the importance of considering how to make the most effective use of all one’s assets to bolster financial security.

“Many people aspire to grow old in the familiarity and comfort of their own home, so the ability to release equity from property to supplement inadequate pension income can improve their prospects of a more comfortable retirement.”