UK divided over workers' pension savings

Workers in Plymouth, Newcastle and Manchester are the most confident that they are saving enough to enjoy a comfortable retirement, according to a survey.
By The Newsroom
Published 3rd Mar 2017, 06:00 BST
Updated 24th Mar 2017, 11:09 BST
Belfast workers least confident of their pension income says the surveyBelfast workers least confident of their pension income says the survey
Belfast workers least confident of their pension income says the survey

Some 46% of workers in Plymouth, 44% in Newcastle and 43% in Manchester feel their pension savings will be sufficient when they retire, a survey of people across 17 cities by the Prudential found.

At the other end of the spectrum, just over one in five (21%) of workers surveyed in Belfast are confident they will have enough saved for their retirement, as are one in four (25%) people in Cardiff.

Hide Ad
Hide Ad

Across the survey, just over one in three (36%) city workers are confident of being able to retire with a comfortable income.

On average, people living in a city estimate they will need an annual retirement income of £21,100 to feel comfortable, ranging from £26,400 for those in London to £17,900 for savers in Belfast.

Retirement income expert with Prudential Vince Smith-Hughes said: “While it is reassuring to see people being realistic about the money they’ll need to live on when they give up work, it is also worrying how many of them fear they haven’t saved enough to be comfortable.”

More than 2,200 people took part in the survey.

Related topics:PlymouthNewcastleManchesterBelfastCardiffLondon