Report Claims North East Savings Are Getting Worse

North East workers who are already struggling to get by, could soon find it's only going to get worse as they get older.

A report out this morning claims being a pensioner in 2050 will cost 148% more than it does today - with essential expenditure on housing, transport and food costs forecast to increase the most.

54% of people in the North East believe their financial security after retirement should be the state’s responsibility.

Meanwhile 41% do not believe their pension pot will be sufficient to live the lifestyle they’d like.

Sarah Emson from Wallsend is a single mum of three who told Metro Radio she finds it almost impossible to save, let alone think about pensions and years on from now.

"There are a lot of mums who are in the same position as me. Struggling to afford month by month, without worrying about savings, insurance and pensions."

"People should be a position where they are able to work hard enough to be able to look after your house and put into a pension. Hopefully by the time they (her children) retire, they will be in a better place to save up for a pension. It will certainly be something I educate them to do when they're older."

The findings also show 34% of us in our region think it’s unlikely the state pension will still exist by 2050.