A NEW study has revealed Wales is the second least prepared region for retirement.

Research by equity release specialists Bower Home Finance examined the regions in England and Wales least prepared for retirement, with London topping the rankings.

The specialists analysed six factors relevant to retirement, including the average weekly income of single pensioners and couples, average current yearly spending per person, average capital yearly spending per person, and the percentage of the population in care homes, with and without nursing.

Each factor was assigned a score out of 10, and an overall index score out of 10 was calculated to produce a ranking of the regions, from least to most prepared. Second placed Wales had an index score of 5.74 out of 10. Surprisingly, Wales had the highest current spending per person out of any region in the country, with a yearly total of £13,007.

Geoff Charles, CEO of Bower Home Finance, said: “How prepared a region is for retirement is largely dependent on factors such as pensioner income and cost of living, as a higher disposable income allows senior citizens to thrive and enjoy their retirement as much as possible. Additionally, the regional care home population indicates how close to overcapacity these areas may be, and the strain that is on the local care system, which may impact the quality of care that they’re able to give.

“London takes the top spot due to the significant cost of living compared to the rest of the country. Despite the region having one of the highest average incomes, it was not enough to compensate for the expense, particularly with capital spending, which was over £700 higher than the region spending the second-most.”

You can find advice for retirement planning online or speaking with your local Citizens Advice.