How prepared is the UK for retirement?
Posted on Jul 23, 2018
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The recent report from the Financial Conduct Authority (FCA) ‘The Financial Lives of Consumers across the UK’ reveals a wealth of information about different
According to the
Areas of the UK with the lowest proportions of adults with private pension provision include: Greater Manchester (59%); South Western Scotland (59%); West Midlands (58%); Inner London East (57%); Outer London East and North East (56%); and South Yorkshire (57%).
There is a sharp divide in private pension provision between different parts of London.
Against the UK average of 38%, areas with the highest proportions of adults, excluding retirees, with no private pension are the North East (44%), core cities (43%) and London (42%). Areas with the lowest proportions are the South East (32%) and smaller settlements, such as small towns (34%) and villages (34%).
Among retirees, reliance on the State Pension are their main source of income is highest in London (53%) and core cities (52%) but also in rural areas (51%). Lower than average results occur for the South East (34%), urban areas (37%) and Scotland (37%).
Turning to those approaching retirement, the most noticeable finding is that fewer adults in Wales than in any other area expect the State Pension will be their main source of income in retirement: 19% compared with 29% of all UK adults.
In terms of expectations for their standard of living in retirement among adults aged 45 and over who have not retired, 40% think they will have the same standard of living in retirement, while a similar proportion (44%) think they will be worse off. Of the
Overall, one in seven (16%) of UK adults have not really thought about how they will manage financially in retirement. Results are highest for Northern Ireland (26%) and for core cities (20%) and London (19%).
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