Recession to retirement

These two money story snippets illustrate the ongoing effect of the recession on people in work and on those who have retired …

57% of workers expect no salary increase this year. uSwitch.com says 32% of those who will receive a rise can expect an increase below 3.5% inflation rate. Nurses, civil servants and teachers anticipate the lowest increases of 1.4%, 1.6% and 1.8%, while bankers (2.7%) and lawyers (2.9%) are among those best off.

Meanwhile, the average retired household, where the main occupant is aged 65-74 years, needs to find an extra £774.70 a year to maintain the standard of living they enjoyed just 12 months ago. MGM Advantage says the corresponding figure for a home where the main occupant is aged 75 years and over is £383.91 and the average for all households is £1,222.66.

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