Research reveals shortcomings in retirement preparedness in the UK
Berkshire and Buckinghamshire residents are most prepared for retirement, despite only 52.3 per cent of residents being on track for a moderate income, the Hargreaves Lansdown Savings and Resilience barometer has revealed.
The research showed that around 50.6 per cent of residents in Surrey, East and West Sussex were on track for a moderate retirement income, defined by the PLSA as around £20,800 per year for a single person and £30,600 per year for a couple.
In addition to this, around 50 per cent of those in North East Scotland were on track for a moderate income, while North Yorkshire was identified as the best prepared area in the north, as 43.2 per cent of residents are on track for a moderate retirement income.
However, Hargreaves Lansdown noted that no northern or midland areas of England featured in the top ten rankings of most prepared areas.
In particular, the West-Midlands was identified as the biggest pension problem, as only 28.9 per cent of residents were on track for a moderate retirement income, followed by 31.8 per cent in Shropshire and Staffordshire.
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