Brits nervous about retirement

A UK-wide survey commissioned by MGM Advantage, finds a frightening lack of retirement preparation levels in a series of hotspots around the nation.

Retirement Nation, an exclusive study of more than 3,000 Britons, finds that Sheffield, Brighton, Cardiff and Plymouth are all so-called ‘hotspots of low preparation', defined as being where more than 50 percent of the pre-retired population say they're not prepared at all. The nation is split over how we regard retirement: 52 percent say they are excited, and 48 percent are nervous, while millions of retired Brits are plagued by regrets about their financial planning.

But there's good news - thirty percent of those in Newcastle claim to be very prepared, followed closely by Southampton (28 percent) and Nottingham (27 percent). Liverpudlians have emerged financially savviest in the nationwide survey, while residents of the port of Southampton say they are most likely to move abroad when they retire. Regionally, the South East is where most people intend to keep working after they retire, while the North West houses the greatest proportion who dream of retiring early at 55. Northern Ireland is the region that wants more than anywhere else to spend more time with family in their golden years, while the Scots dream of a slower pace of life.

MGM's Retirement Nation survey, carried out by Opinion Matters, comes to the remarkable conclusion that, whatever your circumstances, you will be better off if you consult an Independent Financial Adviser (IFA) - even if you have no savings.