Brid’s pension pots ‘lowest in county’

NBFP PA1515-3h
NBFP PA1515-3h

Pensioners in Bridlington are stuck with among the lowest retirement savings in the county, according to a recent study.

People have on average £32,110 in retirement savings in Bridlington, says Portal Financial, who carried out research into 15,000 of its customers across the UK.

The firm said pension pots in the town are nearly half that of the UK average, which is £63,387, and well under half of Beverley’s comfortable average of £64,243.

The figure also places Bridlington below Hull, whose pensioners set aside an average of £45,477, as well as Driffield’s who save £35,901.

The East Riding’s average as a whole was £53,538, meaning the county plummeted to the bottom 20 per cent nationally.

Jean Wormwell, of the Pensioners Action Group East Riding, said: “There are poorly paid jobs in this area, meaning they probably have not got the money to set aside.”

In February last year, the Trades Union Congress placed the East Riding as Yorkshire’s top “living wage blackspot”.

Figures revealed that 42.4 per cent of the area’s jobs paid less than the living wage of £7.85 per hour. In Leeds, only 14.3 per cent of workers earn less than the living wage.

Speaking to the Free Press, MP for East Yorkshire Sir Greg Knight said “caution” was needed in interpreting the study.

He said: “Although 15,000 seems like a reasonable number of people to sample, this sampling was neither random nor balanced

“Further, according to their own website the data on each town is only calculated where they have ‘at least three records per town’ and ‘to be included in the map each pension fund must be worth at least £1,000’. So, we could be looking at investment figures based on three people in one town compared with the savings of say 3,000 people in the next town.”

Top five counties with largest pension pots, on average:

-Surrey - £87,947

-Hertfordshire - £87,882

-West Sussex - £84,036

-Middlesex - £83,406

-Kent - £81,571

Bottom five counties with smallest pension pots, on average:

-County Durham - £48,741

-Cleveland - £48,711

-Nottinghamshire £48,509

-Worcestershire - £47,882

-Avon - £34,870