London retirees 'most content in UK'

Money
18 December 2017
Over-60s living in London have been named the most financially content in the UK.

Retirees who live in London are the happiest in the UK, as they are the most content with the preparations they put in place for their retirement earlier in their lives.

This is according to research carried out by Wealth Wizards, which found that over-60s based in London typically have fewer regrets regarding their pensions and personal finance than their counterparts living elsewhere in the UK, City Wire reports.

But why is this? London is among the most expensive places to live in the world, yet its retired residents are incredibly content. Could it be because they have access to better financial advice from a greater number of experts? Or are there other factors at play?

What's making London retirees more content?

Wealth Wizards questioned 2,000 over-60s from all over the UK on their feelings about their retirement finances, as these naturally affect a person's quality of life.

While more than three-quarters (76 per cent) of Scottish respondents said that they regretted not saving more into their pension in order to secure a more financially comfortable retirement, just 38 per cent of London's over-60s felt the same, despite the cost of living being considerably higher in the capital.

Meanwhile, 79 per cent of Yorkshire residents expressed the regret that they had not sat down and worked out how much they would need to save to enjoy a retirement without worrying too much about money. As a consequence, they were potentially facing a long retirement of financial worry and missing out on luxuries like travel due to mistakes earlier in their working lives.

However, only 37 per cent of Londoners expressed the same regret, further indicating that the UK capital's residents are significantly more financially savvy than people residing in other areas of Britain.

The research also resulted in the discovery that almost two-thirds (63 per cent) of Midlands residents aged 60 and above have regrets about where they have invested their money in the past. In stark contrast, only 18 per cent of over-60s in London feel the same.

Against each metric analysed by Wealth Wizards, Londoners were found to be the most content retirees in each case, indicating that they began making wise decisions about their retirement savings from an early stage in their careers.

What can retirees outside London learn from this?

Based on the biggest regrets cited by retirees across the UK, the next generation who are living outside of London should ensure they are giving considered thought to where their money is being invested. They should also be saving a reasonable sum towards their pension fund each month and working out what this sum should be based on their earnings and predicted retirement span from an early point in their career.

Ultimately, a happy, healthy retirement is what matters most, and seeking expert advice can help to secure this. Over one-quarter (27 per cent) of north-west residents said not doing this was their biggest regret.

What's more, it's important to ensure that retirement income isn't concentrated in just one place - something 19 per cent of Scots said they'd wished they'd known beforehand.

The same proportion of over-60s in Scotland also reported that they wished they hadn't spent so much on luxuries earlier on in their lives, as this would have left them with more to spend on enjoying a comfortable retirement now.

As people are living for longer and retirements are longer than ever before, these are all crucial considerations to take into account.

Newsletter sign-up

© 2017 Axonn Media Ltd. All rights reserved. Any views and opinions expressed in news articles are not those of Just Retirement Limited, Just Retirement Money Limited or Partnership Life Assurance Company Limited. News supplied by Axonn Media.

Image credit: sborisov via iStock