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
Daily MailHow Brexit will affect your holiday money, mortgages, passports and health coverDaily MailIn the short term, nothing changes. The UK will remain a member of the EU for at least two years. That is the period defined in Article 50 of the Lisbon Treaty for a departing country to negotiate a new relationship with the EU — and the clock will ...What the Brexit vote means for you: 8 key questionsChicago TribuneBritain's exit from EU sends global economies into tailspinWashington PostMillennials, here's what Brexit means for youBankrate.comThis is Money -AOL Money UK -The Independentall 9,894 news articles »
Mirror.co.ukGemma Collins lays it all out on the couch In TherapyMirror.co.uk... stem from being mollycoddled by her parents who are used to paying for everything, even stumping up £14,000 for a credit card bill. She wails: “It's not my fault! Because I was given everything I didn't know the value of money. My dad always bailed ...
Financial TimesWeek in ReviewFinancial TimesTwilio priced at $15 per share, above its expected range of $12 to $14, and then its share price nearly doubled on its debut, although it fell back along with the markets Friday following news of Britain's vote to leave the EU. The San Francisco-based ...
Mirror.co.ukWhat will Brexit mean for shopping, petrol prices, pensions, house prices, the NHS and crimeMirror.co.ukQ. What will happen to my pension? by Tricia Phillips, Personal Finance Editor. A. Turmoil in the global markets means ... Already the age we have to keep grafting to is 66, rising to 67 in 2026 but Brexit could now trigger a faster rise in state ...and more »
Money Magazine5 Ways the Brexit Could Affect YouMoney MagazineThe euro's drop reflects those same concerns from the continent's perspective, and perhaps also the implicit vote of no-confidence that British voters just cast on the broader pan-European project that gave rise to the common currency in the first ...and more »
Have you met...
Latest Members:


marwasaf


lolo


danny


midomidi2013


asmaasaad


shazly


ser1es

 

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