We’re living longer than previous generations, but not everyone is equally prepared for retirement.

That’s why we’ve used our insights to develop an interactive heatmap of the UK. It highlights significant differences in how ready people are for retirement and reveals the size of the pension savings gap in various regions. This information is critical to helping government and pensions and savings providers identify the types of support that will be most valuable, as well as pinpoint where it’s required most urgently.

The link between pension pots and postcodes

Currently only 30-40% of UK workers over 45 think they’ll have enough put by to meet their needs in retirement and there are big differences in the size of the pot people will have available when they retire, For example people in the North West of England have an average of £91,400 saved, while the figure is £136,700 in the East

A nationwide reluctance to talk

If there’s one thing people tend to agree on, it’s that retirement preparation isn’t a popular tea-time topic. Across the UK, almost half (48%) of over 45s feel uncomfortable discussing their retirement plans, and only 42% know what resources are available to support them.

Knowing when the time’s right

While some people may choose to work past the current State Pension age of 66, we found that people in the North East of England (60%), Wales (60%) and Scotland (57%) are the most likely to worry at the prospect. This shines a spotlight on the need for mid-life career guidance in regions where retirement might not be as straightforward as people expected.

Taking the cost of living into account

The rising cost of living appears to be hitting hardest in the cities. Nearly half of workers over the age of 45 from Edinburgh (46%), London (42%) and Birmingham (42%) worry that they’ll need to dip into their saving pots before they retire. People living in cities may face higher housing costs or other challenges in planning for retirement, emphasising the need for tailored support to ensure everyone has a smooth transition.

Balancing dreams and realities

One in four (39%) workers over 45s expect to enter retirement with a certain amount of debt. But the amount differs across the country. Versus a national average of £24,000, predicted pre-retirement debt soars to nearly £60,000 in Greater London, showing how hard it can be to balance future aspirations and present financial obligations. And this tension isn’t restricted to the capital. When asked if they thought they had sufficient funds to see themselves through retirement, workers from Yorkshire and Humberside (39%), Scotland (38%) and the South East of England (37%) expressed the most concern.

Regional pension savings gap

These insights show that, as well as being an important national issue, the pension savings gap is something we must also address locally. And we’re convinced that the solution starts with a simple conversation. Our recent "Living longer" campaign encourages people to think more proactively about the path they want their retirement to take, and to reach out for help and advice. With our campaigns, specialist teams and endorsed brands, we're committed to playing a leading role in helping reshape retirement in the UK, collaborating with national and regional government, peers, and the business community to create solutions which match today’s realities.

Together, we can empower individuals to make informed decisions for a more secure financial future, wherever they may live, working to close the regional savings gap.