MOTHERWELL is home to many of the country’s poorest pensioners, according to a new report.
Along with Sunderland in the north-east of England, Merthyr Tydfil in Wales and Bootle in Merseyside, Motherwell has one of the highest concentrations of poorest pensioners in the UK, in contrast with the southeast of England, which boasts an elite group of jet-setting pensioners.
According to the research carried out by credit-checking company Experian, the poorest pensioners, which they have classed as “Vintage Value”, will need increasing levels of support as their health needs grow and incomes decline.
The research found a substantial gap between the haves and have-nots. Some 30 per cent of over-55s said they were not financially comfortable and of these, 22 per cent expected to be paying their current mortgage into their seventies or later.
Experian also found that wealthier pensioners were shunning the traditional dream of a seaside retirement home in favour of living in a bustling market town or an upmarket cathedral city.
Richard Jenkings, lead consultant at Experian, said: “Furthermore, our research shows that the elderly, affluent suburbanite is a now well-established fixture in parts of the UK, particularly in the south-east of England.
"These folks typically have significant amounts of disposable income and are looking to enjoy life to the full in their golden years.
“In general, they will be in better health, have higher pensions and savings and be more active than most pensioners of similar age. As a consequence, their consumption of goods and services is likely to be higher than their less affluent peers.”
He said four distinct groups were emerging: Diamond Days, an elite group of jet-setting pensioners concentrated in the south-east of England; Smarties (senior market town retirees); Senior Security, pensioners who are financially comfortable but avoid risks, and Vintage Value, the country’s poorest pensioners.
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