Pensions provider iSIPP found that retired people in the region spend just over £3,000 a year less than the national average.
Its analysis of the most recent Government data on family spending shows the average over-65-year-old spends £17,810 a year.
Food, housing costs and transport account for around 43% of their total annual spending.
Pensioners in London and the South East need up to £3,740 more per year, which works out at up to £6,768 more than those in the North East.
Housing and maintenance costs plus spending on food and transport, including fuel prices and the cost of alcoholic drinks and clothes, are the reasons there are major regional differences in the cost of being a pensioner.
iSIPP managing director Hrishi Kulkarni said: “Where you live in the country can make a massive difference to how much you will spend a year in retirement.”
The table below shows the spending figures across the country and how much cheaper or more expensive each region is compared with the national average.
|
REGION |
ANNUAL COSTS FOR PENSIONERS |
DIFFERENCE TO UK AVERAGE |
|
North East |
£14,782 |
£3,028 cheaper |
|
Yorkshire & The Humber |
£15,140 |
£2,670 cheaper |
|
Northern Ireland |
£15,317 |
£2,493 cheaper |
|
Scotland |
£15,630 |
£2,180 cheaper |
|
Wales |
£15,850 |
£1,960 cheaper |
|
North West |
£16,385 |
£1,425 cheaper |
|
West Midlands |
£16,560 |
£1,250 cheaper |
|
East Midlands |
£17,453 |
£267 cheaper |
|
East of England |
£18,344 |
£534 more expensive |
|
South West |
£18,522 |
£712 more expensive |
|
South East |
£21,372 |
£3,652 more expensive |
|
London |
£21,550 |
£3,740 more expensive |
|
UK AVERAGE |
£17,810 |
|
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