Older Londoners are in a worse financial state than people in the rest of the country, according to exclusive Evening Standard figures.
Research from Aviva reveals that a fifth of Londoners aged 55 or over have no savings. Even those that do save have a nest-egg less than half the size of those outside the capital. The average savings pot for over 55s across the country is £11,153. In London, it's just £4999.
How have we become the poor relations in the UK?
One of the obvious reasons is high prices. Inflation for London's over-55s is currently at 5.61% compared with the 5.41% across the country, says Aviva.
Londoners in the age group are also getting more desperate and are now twice as likely as those outside the capital to turn to dodgy doorstep lenders. Once people fall into their hands, they can quickly enter into a disastrous spiral of debt.
For London's homeowners, however, the figures are more cheering. The average amount of equity held in homes by the over 55s in London is £364,117 against the national average of £223,112.
But older Londoners are worse off than those outside the capital when it comes to owning their own home. While four-fifths of over-55s across the country are homeowners, that slumps to two-thirds in the capital.
What's the solution? It's simple for those that have jobs: work for longer, or take on extra jobs if they can. For those without jobs, who are facing more severe financial hardships through the cutbacks, there currently look to be no positive prospects.
