Pensioners go on first year spending spree

A study conducted for Prudential also found only a third of pensioners set themselves a retirement budget. The research suggests 29% of pensioners spent more in their first year of retirement than in the following years, with the average person spending £8,000 more in the first twelve months following retirement. One in five of those that did spend more said they regretted doing so, while just 17% of pensioners sought financial advice for living on a pension income. Gary Shaughnessy, managing director of retail life and pensions at Prudential, says: “It is quite worrying to see the lack ...