North-south wealth divide 'quashed' among over 50s

24 February 2006
The traditional north-south divide in terms of wealth has been turned on its head, according to new research.

Despite London seen as one of the wealthiest regions in the country, for the over-50s, the picture is very different.

Retired people in London have more than twice the national average of equity tied up in their properties, but are actually worse off than their north-eastern and Welsh counterparts when the amount of money they have left over each month is taken into consideration.

On average, a retired Londoner needs £18,500 a year – more than £3,000 the national average, a study commissioned by Norwich Union found.

Older people in the north-east have the highest amount of surplus at just less than £2,500 each year – double the national average.

Daren Carter, Norwich Union Personal Finance spokesman, said: "Our study reveals quite a startling new picture of how wealth is distributed among the over-50s across the UK.

"The traditional north-south divide has been turned on its head with over-50s in the north-east and Wales being twice as cash rich as those in London, despite the south retaining wealth in property."

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