P ensioners with less than £13,400 a year to their name are at risk – because older people need this amount to pay for essentials like food, bills, and housing.
Warning for all state pensioners with less than £13,400 to their name
The area of England where nearly 50% of pensioners risk retirement poverty has been revealed. Department for Work and Pensions (DWP) state pensioners with less than £13,400 a year to their name are at risk – because older people need this amount to pay for essentials like food, bills, and housing.
A study by Scottish Widows and Frontier Economics found that 15.3 million people across the nation are set to fall below minimum retirement standards.
The worst-affected areas are Northern Ireland and North East England, where 48 per cent – just under half – of residents might fail to meet the £13,400 a year required for a basic single-person retirement, as outlined by the Pension and Lifetime Savings Association.
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In second spot was the South West at 46 per cent, while Wales and the West Midlands, which had rates of 44 per cent and 42 per cent, came in thirs and fourth. The fifth spot was claimed by London at 41 per cent, ahead of the North West – marginally – in sixth.
Scotland’s rate was 39 per cent, making it seventh, ahead of the East Midlands which has 36 per cent, and Yorkshire and the Humber and the South East which both have 34 per cent.
Scottish Widows retirement expert Susan Hope said: “The differences between people’s pension prospects across the UK are stark and highlight the scale of the challenge to crack the pensions crisis.
“Across towns, cities and rural communities, people are facing very different futures. The postcode divide needs to be urgently addressed.
“The everyday pressures on people’s money doesn’t make this an easy task, so we need to help them to feel empowered to make decisions about their future.”
The East of England was named as the best place for retirees, but even there, a third of people at 32 per cent are at risk.