Wokingham stands out with the smallest pension gap in the UK, offering a brighter outlook for its residents’ retirement plans.
Wokingham: This lovely town is making headlines for its pension situation. Residents here have the smallest pension gap in the UK, which is pretty impressive.
According to Hargreaves Lansdown, the pension gap shows how much more money people need for a decent retirement. Sadly, many are falling short.
Only 36.4% of households are on track for a moderate retirement. That’s a drop, and it’s concerning. The average household is about £31,546 short of what they need.
For context, a moderate retirement means having £31,000 a year for singles and £41,000 for couples. In Wokingham, folks are just £265 short, which is the best in the country.
Wokingham has a rich history, too. It used to be known for making church bells and was a hub for silk and brewing back in the day.
On the flip side, Kingston upon Hull residents are struggling. They’re about £54,641 short, and in Brent, London, it’s even worse at £75,203.
Helen Morrissey from Hargreaves Lansdown says rising inflation is making it tougher for people to save. The gap has widened significantly since 2019.
When you look at the numbers, it’s clear that areas around London have the biggest pension gaps. It’s a real issue for many.
