Newly updated research has discovered that during the ongoing cost of living crisis, people in the UK claiming their State Pension entitlement only just break even despite a record-breaking increase to weekly payment rates in April. The research, conducted by pension advisors Almond Financial, looked at the uprated State Pension in comparison to the average cost of living in the UK.
Almond Financial then looked at similar data in all of Europe’s 50 countries to establish which country offers the most to retirees in comparison to the country’s current cost of living data. It then analysed the average cost of general living expenses such as food shopping, the price of a meal at a restaurant and energy bills to discover an estimated cost of living per month, excluding rent.
Its findings revealed that Spain is still the most cost-effective country to live in, providing pensioners with a monthly state-funded income of just over £2,287, which helps to pay for cost of living expenses averaging £56.
