UK households aged between 65 and 74 average weekly spend was £455.30 in 2021/22 according to a new report on family spending data across the UK from the Office for National Statistics (ONS). This totals up to nearly £23,000 a year.
For households where the head is aged over 75 had an average weekly spend of £356.30 per week. This sums up to around £18,500 per year.
As reported by the Daily Record, 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.”
