Large percentages of people who live in Scotland, Yorkshire, and the midlands wish they had invested more into their pension compared to Londoners.
New research from online pension adviser Wealth Wizards reveals that over 60s in London have far fewer regrets in retirement, than those who live in other parts of the country. The study asked over 60’s around the UK what they would change about the way they had planned for their retirement and those in the North and Midlands had far more to say than those in the South.
The research showed that just under two fifths of Londoners had regrets about how much they had invested in their pension compared to a far more significant, two thirds (76 per cent) of those in Scotland. This difference was reflected again in the number of people who wished that they had worked out how much they would have a live on in retirement, with just over a third (37 per cent) of Londoners expressing this regret compared to an astonishing seventy-nine percent of those who live in Yorkshire. When it came to the Midlands, sixty-three percent wished that they had put more thought into where they invested their money, compared to just under a fifth (18 per cent) of Londoners.
Phil Blows, Director, Wealth Wizards said:
“The views of current retirees can provide valuable insight into what the future might hold for current pension savers. The fact that there is a substantial difference in levels of regret when it comes to retirement planning depending on geography, suggests that in previous years people in different parts of the country have been affected by different factors when it comes to financial planning.
“This retirement with regret in certain locations could be due in part to access, or lack of access, to financial advice. Are there some regions in the country where people are being offered more support when it comes to their future planning? Whatever the reason may be, it is critical that organisations support their employees across the country so we don’t face another generation of people who have both huge financial stress and regrets.”
The research also showed a united national apathy, with almost a third of people expressing the view that changing the way they planned for their retirement wouldn’t have made any difference to their future, because rules around pensions keep changing.