Pensions outlook and confidence vary by region
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The risk of living in poverty in retirement is higher for pensioners in Northern Ireland and the North East of England, two regions where people also report lower levels of confidence around pensions. Across the UK, nearly two in five could struggle to meet their basic needs in retirement, new research suggests.
Nearly half (48%) of people in Northern Ireland and the North East are at risk of poverty in retirement, dropping to 34% for those in the South East and 32% for the East of England, research from Scottish Widows' Retirement Report has found.
The survey found those who regularly save into their pension are more confident in managing their finances (85%), but that a vast number of people lack confidence when it comes to pension savings. Those living in Scotland are the least confident, followed by the North East and Northern Ireland, while Londoners show the highest levels of confidence, followed by the South West, according to the research.
Scottish Widows is calling on industry to rise to the challenge. “Across towns, cities and rural communities, people are facing very different futures, the postcode divide needs to be urgently addressed. We need to equip people with the tools and information they need, to improve their confidence and capability regardless of where they live,” said retirement expert Susan Hope.
“The everyday pressures on people’s money doesn’t make this an easy task, so helping them to feel empowered to make decisions about their future whether that’s starting a pension, increasing contributions by or simply understanding how much you have saved and what that might look like in the future,” she suggested.
The research, conducted online by YouGov among 5,167 nationally representative UK adults between 22 January and 11 February 2025, suggests 15.3m adults in the UK (39%) are at risk of falling short of minimum retirement living standards, measured against the Pensions UK figures.
How much does financial knowledge contribute to financial resilience, as opposed to cost of living?
Nearly half (48%) of people in Northern Ireland and the North East are at risk of poverty in retirement, dropping to 34% for those in the South East and 32% for the East of England, research from Scottish Widows' Retirement Report has found.
The survey found those who regularly save into their pension are more confident in managing their finances (85%), but that a vast number of people lack confidence when it comes to pension savings. Those living in Scotland are the least confident, followed by the North East and Northern Ireland, while Londoners show the highest levels of confidence, followed by the South West, according to the research.
Scottish Widows is calling on industry to rise to the challenge. “Across towns, cities and rural communities, people are facing very different futures, the postcode divide needs to be urgently addressed. We need to equip people with the tools and information they need, to improve their confidence and capability regardless of where they live,” said retirement expert Susan Hope.
“The everyday pressures on people’s money doesn’t make this an easy task, so helping them to feel empowered to make decisions about their future whether that’s starting a pension, increasing contributions by or simply understanding how much you have saved and what that might look like in the future,” she suggested.
The research, conducted online by YouGov among 5,167 nationally representative UK adults between 22 January and 11 February 2025, suggests 15.3m adults in the UK (39%) are at risk of falling short of minimum retirement living standards, measured against the Pensions UK figures.
How much does financial knowledge contribute to financial resilience, as opposed to cost of living?
