Study highlights regional disparity in retirement confidence and knowledge

Just over a quarter (26 per cent) of savers in the East Midlands and North East of England are confident that they will be able to afford to retire, research from Hargreaves Lansdown has shown.

The study, conducted by Opinium, found that Londoners were the most confident of being able to afford retirement, with 50 per cent believing they would be able to do so, followed by the West Midlands (41 per cent) and East England (40 per cent).

Under a third (30 per cent) of those surveyed in Scotland and the South East of England were confident they would be able to afford to retire.

Just 18 per cent of those in the North East had a ‘clear idea’ of how much was in their pension pot, compared to 49 per cent of Londoners and 41 per cent of Scots.

People living in London scored highest in all the questions surveyed, including how many knew how much income they would need when they retire (41 per cent).

Londoners were closely followed by those in the West Midlands and East England in this category, with 39 per cent of savers understanding how much income they would need in retirement in both areas.

Less than a quarter (24 per cent) of Scots and savers in the North East had a clear idea of how much income they would need when they retire.

Almost half (49 per cent) of Londoners felt they had a clear understanding of their retirement options, compared to 24 per cent of those in the North East and 26 per cent of those in the East Midlands.

“While London was a relative hotspot of retirement confidence this quickly evaporates outside the capital with areas like the North East and East Midlands consistently ranking at or near the bottom,” commented Hargreaves Lansdown senior pensions and retirement analyst, Helen Morrissey.

“These gaps in knowledge are putting peoples’ chances of a comfortable retirement in serious jeopardy.

“People may have other financial priorities or feel their retirement is too far away to think about. They may not know where to go to get more information, but the key is to engage with your long-term savings. It is never too early - or indeed too late - to do this. You can still make positive improvements even in the years leading up to retirement.”

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