Friday, October 10, 2014

Retirement Index (UK)

The United Kingdom gained two spots in this year’s Global Retirement Index, bringing it to the 18th place. The UK has been relatively stable in comparison to last year’s performance, with a satisfactory health care system and a mediocre financial system for retirees. The UK’s overall score remains at 74% on the GRI Index.

The United Kingdom manages to improve substantially on the Quality of Life sub-index as it continues to maintain the top spot for multiple sub-indices (i.e. water pollution and air pollution). The UK’s 22nd place in the Health sub-index remains satisfactory with an effective universal health care system and reasonable health expenditure for retirees.

However, high tax pressures and increasing inflation have affected retirees’ current income and purchasing power, whilst also increasing pressure on the UK pension system. This puts the UK in 77th position for the Finances in Retirement sub-index, one of the lowest rankings for a western nation. Added to this, income inequality still remains high and unemployment remains at 7.8% from 2013, increasing the UK’s ranking to 31 on the Material Wellbeing sub-index.

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