Wokingham boasts the smallest pension gap in the UK, making it a standout for retirement savings despite the pandemic’s impact on finances.
Wokingham: So, it turns out that Wokingham is a bit of a gem when it comes to retirement savings. Even though many folks are struggling post-pandemic, this town has the smallest pension gap in the UK.
The pension gap is basically the difference between what people have saved and what they need for a decent retirement. According to Hargreaves Lansdown, only about 36.4% of households are on track for a moderate retirement these days.
On average, households are falling short by around £31,546, which is quite a bit. For context, a moderate retirement income is pegged at £31,000 for singles and £41,000 for couples.
But here’s the kicker: in Wokingham, the average pension gap is just £265. That’s pretty impressive compared to other places!
Wokingham has a rich history too. It used to be known for making church bells and was a hub for the silk industry and brewing back in the day. They even supplied bricks all over the UK in the 19th century.
Now, if you look at Kingston upon Hull, it’s a different story. Savers there are struggling the most outside of London, with an average shortfall of £54,641. And in Brent, London, the gap is a staggering £75,203!
Helen Morrissey from Hargreaves Lansdown mentioned that rising inflation has made it tougher for people to save enough for retirement. The gap has widened significantly since 2019.
When you break it down, most of the areas with the largest pension gaps are around London, which is a bit concerning.
