Retired couples not making the best of savings and assets

Retired UK couples are sitting on average savings and assets (not including their pension) of £269,479, with single pensioners having average savings and assets of £134,739, yet many are failing to make their money work for them, according to UK pension's specialist Prudential.

The Prudential analysis reveals that the average amount of equity tied up in pensioners' homes stands at £134,145 for a retired couple and £67,072 for a single pensioner (minus outstanding mortgages). More than a third (35 per cent) of the nest egg is tied up in cash, stocks and shares, equivalent to £95,649 per retired couple and £47,824 per single pensioner, with the rest split between insurance policies and other assets (minus debts).

Despite having these additional assets and savings, separate research conducted for Prudential has revealed that just 17 per cent of UK pensioners have seen a financial adviser for guidance on their pension and maximising their retirement income.

Gary Shaughnessy, Prudential Managing Director, Retail Life & Pensions "It is surprising to see just how much money the average pensioner has tied up in savings and property. However, it is even more staggering that so few people have sought financial advice for making the most of their money in retirement. The average pensioner could substantially boost their retirement income simply by using their savings and assets in different ways and exploring other options such as equity release to deliver an income."