Figures from SunLife show that just under half of all over-50s are in debt, with over half of over-50s in London having debts. Meanwhile, only 55% of Londoners own their own homes, which is the lowest level in the country.
Meanwhile, when it comes to pension savings, those in the North West are most likely to have none at all, with just under a third having no private pension savings. Overall, seven in 10 over-50s have private pensions, rising to 75% in the South West, 76% in the South East and 83% in Northern Ireland.
Mark Screeton, SunLife’s CEO, said: “Our research shows a clear ‘postcode lottery’ when it comes to retirement, where people’s ability to enjoy later life appears to be impacted by where they live.
“In London particularly, there seems to be a ‘perfect storm’ of low homeownership, high debt, below-average income, and financial anxiety, all at a time in life when many would hope to feel more secure.”
Capital vulnerability
The figures showed that older Londoners, in particular, struggle with finances. The average mortgage payment for over-50s in London is £1,230, compared with £887 on average. Londoners also have lower incomes than many other regions, with over-50s in London earning £31,164 on average – lower than those in Scotland and the South East.
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Almost four in 10 (38%) of those living in the capital said running out of money in retirement is one of their top financial concerns – above the UK average of 34% – while one in five (21%) are most concerned about outstanding debts.
Cost of living remains concerning
Across the board, the cost of living is the number one concern for those approaching or living in retirement.
In Northern Ireland, 74% of people are worried about this, while it is 71% in Scotland and 68% in the East Midlands. Over-50s in the North East, East Anglia and the South East are the most likely to say they have no financial concerns at all.
