Warrington pensioners only just breaking even on state pension due to cost of living crisis

NEW research has revealed pensioners in Warrington are only just getting by on state pension amid the rising cost of living crisis.

The research, conducted by pension advisors Almond Financial, which revealed Warrington as having the ninth highest number of pensioner sin the uK, looked at the current state pension in comparison to the average cost of living in the UK. Almond Financial then looked at similar data in all of Europe’s 50 countries to establish which country offers the most to retirees in comparison to the country’s current cost of living data.

It then analysed the average cost of general living expenses such as food shopping, the price of a meal at a restaurant and energy bills to discover an estimated cost of living per month, excluding rent.
The UK finished 16th in the Pension Breakeven Index, just 16.61% above the pension income breakeven point. The state pension pays just £114.28 more than the average cost of living for a pensioner, but as the cost of living crisis rages on, the monthly costs are expected to rise significantly over the coming months, leaving pensioners very little wiggle room.
Warrington has the ninth highest number of pensioners in the UK with 18% of its population over 66, meaning its pensioners are the ninth worst affected in the UK.
Find out how the UK compared to the rest of Europe in the Index below.
European Pension Breakeven Index (Top 20)

Principal financial adviser at Almond Financial, Sam Robinson, commented: “The UK has a system that is just above the breakeven point which means at present, there isn’t much room to manoeuvre for those battling the cost of living crisis. And while it is positive that the UK finds itself among the top half of countries, for how much longer is the question.
“While the increase in state pension in line with inflation is needed and welcomed, it’s clear that those over 66 need to look at other options rather than just relying on the state pension.
“Planning for life after work is crucial and it’s important to seek advice from a pension advisor if you aren’t sure where to start.”
To view the full research, please visit: https://www.almondfinancial.co.uk/pension-breakeven-index-how-does-the-uk-state-pension-compare-to-the-rest-of-europe/
Methodology:
Almond Financial collected state pension data from all 50 European countries, including state pension age, the monthly entitlement available and life expectancy.
In addition, Almond Financial then took cost of living data from Numbeo, and the state pension data to calculate the percentage above or below the pension income breakeven point and ranked the top 30 countries from the most pension-friendly countries to the least.