Industry experts, the Pensions and Lifetime Savings Association (PLSA) suggest that, to have a moderate standard of living in retirement, a couple needs a net income of around £30,600 a year or £36,200 for those living inside London. Yet only about 42% of UK households are on track to achieve this.
They have done a deep dive into the UK on a regional basis and have come up with some very interesting facts. If we take the North West for example, 44.2% of households are on track to have a pension value which will allow them a moderate income in retirement – 2% more than the national average.
Looking at pensions, the average household private pension wealth in the North West is around £112,900, just above the national average of £111,700 based on ONS (Office for National Statistics) figures from March 2020.
However, the average house price in the North West is £205,783, about £77,700 less than the UK national average, calculated by the ONS at £283,496.
The net income for households in the North West is around £34,559 a year, very similar to the national average of £35,164. The average expenditure in the northwest is around £26,714, just below the national average of £27,240.
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