Statistics show that decreases in Britain’s financial health and quality of life have forced the country’s retirement security standing down to 19th place in an international index, representing the fifth year in a row it has suffered a decline.
British consumers with worries about retirement security often seek out expert retirement planning services in Shropshire, Buckinghamshire and other counties. Wealth managers can be called upon to help UK savers prepare for the future and help them enjoy a high standard of living after they no longer work, with both pre and post-retirement planning.
From its 72 per cent retirement security rating in 2021, the United Kingdom dropped one place in the ranking this year, with a 69 per cent score overall. However, over the last 10 years, Britain’s ranking has remained relatively consistent, with the country placing 18th back in 2012.
A drop in “material wellbeing” was identified as the biggest force behind its current placing in the index. The key cause of the ranking was low scores in employment and income equality indicators, with Britain taking 10th place for income equality scoring.
Additionally, its poor score on finances was driven by weaker scorers in tax pressures and bank non-performing loans, along with old-age dependency and governance indicators.
Meanwhile, an inferior score on wellbeing pushed down Britain’s quality of life grade where it placed 7th.
The area in which the UK showed improvement was health. Due to a rise in spending per capita on health, it ranked 21st out of all the nations assessed.
