Manchester named as one of the worst places for retirement savings in the UK according to new data
We find out why people are struggling to save for retirement in Manchester and get some tips on how to prepare.
and live on Freeview channel 276
Manchester has been named as one of the worst cities for workers being able to save towards retirement in the UK, according to new data. Figures from Phoenix Insights - the longevity think tank set up by Phoenix group - show there are significant regional imbalances in pension savings, and people in Manchester have the lowest in the country.
The think tank polled 2,500 workers aged 45 and over across the UK, and found a quarter (25%) said they definitely won’t have enough money to live on when they retire. This figure rises to nearly three in 10 (28%) people living in Scotland, Wales and the South East, compared to two in 10 in the East Midlands (21%) and the South West (22%). People in Manchester have £87,000 towards retirement - which is the third lowest in the country - compared to London where people save an average of £133,00.
Phoenix Insights has an interactive heat map on its website where you can find more information on the regional differences between pension savings and get more advice on what plans to put in place to help you save more money.
We spoke to Patrick Thomson, the head of research analysis and policy at Phoenix Insights who conducted the study, to find out why people in Manchester are struggling with pension savings and what could be done to help.