Northern Ireland news

Belfast workers 'not confident of retirement savings'

Only 21 per cent of workers in Belfast feel they are saving enough for retirement. Picture by Dominic Lipinski, Press Association
Vicky Shaw, Press Association

ONLY around a fifth of workers in Belfast are confident that they are saving enough to enjoy a comfortable retirement, according to a survey.

Just over one in five (21 per cent) of workers surveyed in the city feel their pension savings will be sufficient when they retire, a Prudential survey of people across 17 cities found.

Workers in Plymouth, Newcastle and Manchester are the most confident they have saved enough for retirement.

Some 46 per cent of workers in Plymouth, 44 per cent in Newcastle and 43 per cent in Manchester are happy with their retirement savings compared to 25 per cent in Cardiff.

Workers in Belfast were least confident with their savings.

Across the survey, just over one in three (36 per cent) city workers are confident of being able to retire with a comfortable income.

On average, people living in a city estimate they will need an annual retirement income of £21,100 to feel comfortable, ranging from £26,400 for those in London to £17,900 for savers in Belfast.

Vince Smith-Hughes, a retirement income expert at Prudential, said: "While it is reassuring to see people being realistic about the money they'll need to live on when they give up work, it is also worrying how many of them fear they haven't saved enough to be comfortable."

More than 2,200 people took part in the survey.

A spokesman for the Department of Work and Pensions said: "We want all people across the UK to be saving for their retirement, which is why anyone earning over £10,000 a year is automatically enrolled into a workplace pension and will benefit from employer contributions."

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