The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news
Money International (blog)Inheritance Tax For British ExpatsMoney International (blog)Holdings in investments like the Enterprise Investment Scheme and Seed Enterprise Investment Scheme come with Business Property Relief that slashes IHT to 0% if the investment is held for at least two years. Unspent cash in a UK pension or the ...and more »
BestAdvice (blog)Many Brits expect never being able to give up workBestAdvice (blog)Worse still, 28% of consumers say they are certain they will never have a big enough pension to be able to fully retire. 24% of respondents plan to sell their home and downsize to make ends meet once they reach retirement age, while 4% believe they may ...
£6m pledge for children of alcoholicsBBC NewsThe NSPCC says there has been a 30% increase in calls to its helpline over the welfare of a child due to a parent misusing alcohol in the past year. When mum or dad is an alcoholic · Remembering my alcoholic mum. The funding is coming jointly from the ...and more »
Week HeraldDeutsche Bank Reaffirms Hold Rating for Virgin Money UK (LON:VM)Week HeraldThe company offers current accounts; savings accounts, including cash individual savings accounts (ISAs), easy access accounts, fixed term accounts, limited access accounts, and children's accounts; first time buyer, buy-to-let, remortgaging, and ...and more »
Have you met...
Latest Members:


Aeeniwo9471


Aaroncgray


chenjianwei


valati


zvvxunsy


liuchunkai


mamasu

 

General News

Email this story to a friend:

UK households still need to find an extra £38 billion despite latest fall in CPI figure


Annual average household expenditure is estimated to be £35,978. The corresponding figure for a household where the main occupant is 65 – 74 is £23,711 and £15,139 where they are aged 75 and over17-01-2012

Despite the latest annual CPI inflation rate falling to 4.2%, MGM Advantage, the retirement income specialist, estimates that collectively UK households still need to find an extra £38 billion1 to maintain the same standard of living enjoyed 12 months ago.  For households where the main occupant is aged 65 -74, the corresponding figure is £3.27 billion and where they are aged 75 and over, it is £2.15 billion. To maintain the same living standards as a year ago, the UK would need to spend an estimated additional £611 per person.

MGM Advantage estimates that a typical UK household would need to spend an extra £1,469 a year to maintain their standard of living from a year ago.  The corresponding figure for households where the main occupant is aged 65-74 is £955, and for older households it is £610.

Aston Goodey, Sales and Marketing Director, MGM Advantage comments: “Inflation continues to have a significant impact on the finances of retired people.  Given the fact that people are living longer and their retirement incomes are shrinking, many more people face an uncertain future.

“We are seeing more interest in alternative retirement income solutions that can provide some protection against inflation and the rising cost of living.  Our Flexible Income Annuity is growing in popularity as it offers the potential for investment growth, as more people recognise the need to mitigate against the impact of both rising inflation and falling annuity rates.”

MGM Advantage recently published a report: Our Retirement Nation which revealed that on average, those in retirement felt they needed an extra £98 per week3 to feel comfortable about their finances. The report showed that a lack of money was the biggest worry in retirement with 40%3 of respondents citing this option.

Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks