Leeds Residents speak out about Financial Uncertainties

1 Jun 2015 | COMMENTS: 0 | Author: Ryan Smith | News

The majority of people in Leeds have concerns about their retirement income.

Local Financial Advice’s new study has found that 54% of Leeds residents surveyed had concerns about their finances once they finish working, with 15% saying they would expect to have limited income, and budget very carefully, with the other 15% being seriously concerned about how they’re going to make ends meet. The other 24% believe that they are fairly secure, but have long-term concerns about running out of money.

Yorkshire residents actually have the biggest concerns over their retirement income than anywhere else in the UK, with Sheffield and Leeds residents combining to come in above the 13% national average at 16%.

Despite this, there was still over a third (34%) of Leeds respondents that expected to feel reasonably comfortable in their retirement.

Leeds also proved themselves to be a region of savvy investors, with the highest number of residents investing in stocks and shares than anywhere else in the country – 10% compared to the next closest city, Edinburgh (9.5%). There are also double the number of investors than in Sheffield, who showed just 5% of financially savvy people are investing in stocks and shares.

Could the concerns about retirement be good, old-fashioned Northern pessimism? Despite being concerned about retirement income, 60% of Leeds residents were proactively saving for their futures through a mixture of pension investments, property purchases, stocks and shares, and saving for their dependents.

Though on the other hand, this pessimism could come from that fact that 15% of Leeds residents are actively paying off debt – the same percentage as those who have serious concerns about their financial situation in retirement. The debt they hold could be holding them back from seeing any sort of light at the end of the tunnel in regards to their financial situation.

Paul Walsh, CEO of Local Financial Advice says:

“It’s clear from these results that Leeds is a city lacking in financial confidence. While the fact we have so many people investing in their futures is an incredibly positive thing, the pessimism we see from many surely means a little guidance is necessary to boost those confidence levels.

“Here at Local Financial Advice we try to show people the importance of professional advice, as it can have an extremely positive influence on people’s financial situations.”

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