A new report on family spending data across the UK from the Office for National Statistics (ONS) shows that the average weekly expenditure for households aged between 65 and 74 was £455.30 in 2021/22. This amounts to around £23,000 each year.
Households where the head is aged over 75 had an average weekly spend of £356.30 per week, which amounts to around £18,500 per year. This compares to an overall average weekly spend across all households of £528.80.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown warns that despite the 10.1 per cent increase to State Pension payments this year, they still come “nowhere near meeting our retirement income needs”. A full new State Pension (introduced in 2016) is worth around £10,600 per year and a full Basic State Pension (pre-2016) is £8,100.
