Retirement: This UK region is the cheapest to retire - as one in four struggle with money

Retirement is something everyone in the UK should be preparing for from a young age to be able to support themselves when they leave an annual income.

The Financial Conduct Authority has found that over 15 million adults in the UK are yet to pay into a pension, and new research by Age Partnership has found that one in four people who have retired admit to struggling with money.

The basic state pension of just £112.30 is less than the average costs of a retiree which works out to be £208.

But where is the cheapest place in the UK to retire?

Living in the North East is where retirees spend the least per week, spending just £179.

The most expensive is, surprisingly , not the capital city of London but is East Anglia with the average weekly spend of £250, double that of the state pension.

Yet it found that people who lived in the North East admitted to struggling the most with 46 per cent of retirees admitted they had financial problems.

London had the least worried retired people with just 35 per cent struggling.

This could suggest that many who choose to retire in London are the “retired elite” who are most stable financially with their spending habits.

The study stated: “58 per cent of retirees say they wish more help and advice about retirement and pensions had been available when they were younger.

“If we learn from their hindsight, it seems planning ahead is the best way to ensure we have a comfortable retirement.

“By exploring options such as workplace or private pensions, equity release, and savings, you can safeguard your future to ensure you can enjoy and thrive in the new chapter of your life.”

How much retirees spend in an average week

East Anglia £250

South East £221

Scotland £218

South West £216

London £212

West Midlands £210

East Midlands £209

Yorkshire and the Humber £201

Northern Ireland £197

Wales £191

North West £185

North East £179