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Pension Savings in the South West

In our January 2023 article ‘Reviewing pension choices’ we commented on a report which looked at how much an individual or couple would need for a basic or comfortable retirement. But are we saving enough to reach these figures?

A new report from Phoenix Insights has examined the level of pension savings across the country. It should be noted that those surveyed were in the age bracket from 45 to retirement and therefore on average will have more time left to save. Nevertheless, the figures make interesting reading. For a start it’s not good news for the South West which has the fifth worst average pension savings of any region at £101.7k. The overall regional total may have been affected by Plymouth which had the second worst level of pension savings for a city at £80k. That leaves 22% of South West workers being concerned that they won’t have enough money to live on in retirement.

On a positive note, those in the South West and East of England lead the way on feeling comfortable talking about how they are preparing for retirement; with those conversations, hopefully, leading to improved awareness of options available. If you are looking for advice on pensions, or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.

Image by Keith Venn from Pixabay