East Midlands comes top in pension contributions

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East Midlands comes top in pension contributions

People from the East Midlands contribute the most per month to a pension pot, according to research from Standard Life.

On average, individuals living in the region save £172 per month compared to the national average of £137, while those in the north-east save the least with £102, the study claimed.

Attempting to understand the link between financial and emotional commitments, the firm's research also showed how Welsh citizens had more regular financial outgoings; however they spent £84 less than Londoners who actually had the fewest obligations but spent £1,056 a month.

"It is vital that people engage with their personal finances and their emotional relationships, not as two separate commitments, but as one single entity that supports their aspirations," commented John Lawson of Standard Life.

With current pension proposals going through parliament, the importance of retirement planning is now front page news. Commenting on whether the reforms could see the end of the state pension in favour of private policies by individuals and companies, Churchouse Financial Planning's director Keith Churchouse said there is always a risk as phasing out the facility is "not unheard of".

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