In The News…
DIVORCED BRITS COUNT THE FINANCIAL COST
A recent survey2 shows many find themselves struggling financially after divorce and some report regretting their decision to go it alone. Nearly half found themselves needing to work longer hours and some faced mounting debt. Around 100,000 people divorce every year in England and Wales. According to the survey, 36% said they found managing their finances ‘harder or more stressful’ on their own.
PENSION WITHDRAWAL DOWN ON 2016 LEVELS
UK pensioners have withdrawn £25bn from their retirement savings under pension freedoms since April 2015, figures from HMRC reveal. However, average pension freedoms withdrawals per person were £7,254 in Q1 2019, a slight decrease from £7,644 a year ago, but a significant drop from £11,081 in Q1 2016.
GENERATION X HEADS THE PENSION SAVINGS LEAGUE
Those aged 43 to 54, often referred to as Generation X, accounted for 43% of the UK’s personal pension contributions according to HMRC data for the 2015–16 tax year, the latest year for which figures are available. But will it be enough? Although their average pension wealth was £70,400, experts estimate the figure should be around £187,400 at this stage in their working lives.
2Royal London, May 2019