Retired couples have seen their standard of living fall for a second year running, according to a su...
Retired couples have seen their standard of living fall for a second year running, according to a survey from Britannic Asset Management.
The annual Britannic Asset Management Retired Income Monitor also found the average working family and retired singles have seen an 11% increase in their standard of living. The survey compiled by Datamonitor tracks the retail price index and the income for different types of retired households to calculate the retired standard of living.
The survey shows over the past 12 months, the disposable income of retired couples has failed to keep up with the rise in cost of their average basket of goods, which has fallen from £350 to £346 a week, the same level as 2000. This shows a drop of 2.9% in the standard of living.
According to the survey, lower levels of income over the past year from investments, annuities and private pensions, which comprise 41% of their income, have contributed to the deterioration.
Conversely, it found that single retired people have seen an increase in their investment income, up from an average of £35 to £59 a week, suggesting retired singles are becoming more aware of how to make their money work for them.
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