People in the south-west of England face the greatest drop in living standards in retirement, accord...
People in the south-west of England face the greatest drop in living standards in retirement, according to research by JPMorgan Fleming (JPMF).
Their study shows that overall only 26% of working adults will retire with an income of 50% or more of final salary, falling from 43.2% in 1996.
Half of British workers, or 15.4 million people, can still expect to be in difficulty, with an expected income of 40% or less of their their final salary, according to JPMF.
The survey showed that those living in Northern Ireland can anticipate the most comfortable retirement, with 36% expected to receive more than 50% of final earnings and only 45% less than 40%.
The South West reported the worst figures, with 20% lined up for a comfortable retirement and 66% in potential difficulty.
The South East has seen the steepest decline in pension prospects. In 1997, 61% of workers in the region could expect a comfortable retirement. Now only 27% face this prospect.
The research was based on details from the Office of National Statistics' Family Expenditure Survey and additional Inland Revenue data.