South Yorkshire Residents Living Pay-check to Pay-check?
8 Jun 2015 | COMMENTS: 0 | Author: Ryan Smith | General
Sheffield residents are the most concerned about their future retirement income than anywhere else in the UK.
Our new study has revealed that people in Sheffield and South Yorkshire have the biggest concerns about their long-term finances than anywhere else in the UK, with 17% citing serious concerns and worries about how they will make ends meet, 12% saying they will need to budget very carefully in retirement, and 25% holding long-term concerns about running out of money despite feeling fairly secure.
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%.
People around the Sheffield and South Yorkshire region also look to be cautious with their money, being the city with the least amount of investors in risky stocks and shares (5%), compared to the city with the highest number of investors, Leeds (10%). Sheffield was shown to be the city with the least number of people paying to get out of debt (8% of respondents surveyed).
Despite this, the study shows that there could be an increasing number of people in the South Yorkshire region who are living pay-check to pay-check each month, as 26% of respondents were not able to save anything at all. This means very few people in the area are able to put money aside towards luxuries in life such as a dream holiday (only 10% saving toward this), a new car (10%) or a wedding (4%).
Paul Walsh, CEO of Local Financial Advice says:
“There’s obviously some concern about the financial confidence the people of South Yorkshire hold. While it’s good that they’re cautious with their money, it’s important to think long-term and plan for the future.
“At Local Financial Advice we’re always stressing the importance of seeking professional advice, especially when it comes to retirement income planning.”