Study highlights regional disparities in confidence and knowledge in retirement
Just over a quarter (26%) of savers in the East Midlands and North East of England are confident they can afford to retire, a study by Hargreaves Lansdown has shown.
The study, conducted by Opinium, found that Londoners were the most confident they could afford a retirement, with 50 percent believing they would be able to do so, followed by the West Midlands (41 percent) and Eastern England (40 percent).
Less than a third (30%) of those polled in Scotland and South East England were confident they could afford to retire.
Only 18% of people in the North East had a ‘clear idea’ of the amount of their pension, compared to 49% of Londoners and 41% of Scots.
People living in London scored the highest on all questions in the survey, including how many knew how much income they would need in retirement (41 percent).
Londoners were closely followed by those in the West Midlands and East England in this category, with 39% of savers including the income they would need in retirement in both regions.
Less than a quarter (24%) of Scots and North East savers had a clear idea of ââhow much income they would need in retirement.
Almost half (49%) of Londoners feel they have a good understanding of their retirement options, compared to 24% of those in the North East and 26% of those in the East Midlands.
“While London was a relative hotspot for pensioner confidence, it quickly evaporates outside the capital with regions like the North East and the East Midlands consistently ranking at or near the bottom.” , commented Helen Morrissey, Senior Pensions and Pensions Analyst at Hargreaves Lansdown.
âThese knowledge gaps seriously jeopardize people’s chances of a comfortable retirement.
âPeople may have other financial priorities or think their retirement is too far away to think about it. They might not know where to go for more information, but the key is to commit to your long-term savings. It is never too early – or even too late – to do so. You can still make positive improvements, even in the years leading up to retirement.