Why you don't want to retire like Dot Branning
Study reveals the savviest soap characters when it comes to money.
Eastenders' Dot Branning is likely to be struggling along on the State Pension, while Corrie's Audrey Roberts is enjoying a far more comfortable retirement.
That's according to a new study which looked at the probable financial positions of the nation's favourite soap characters.
The top TV pensioner
Coronation Street’s Audrey Roberts is the best example of all soap’s pensioners, according to the research by Scottish Widows. They predict she has a pension pot of around £100,000 thanks to years of hard work and steady saving. She is the most realistically portrayed pensioner, according to the research.
At the other end of the scale are Dot Branning from Eastenders and Emmerdale’s Zak Dingle. Dot may have worked all her life but she doesn’t appear to have much money – she was taken to court for failing to pay her rent in 2013. It’s highly likely she is surviving on around £151 a week basic State Pension and pension credit. In real life she would not be able to continue living in her home in Albert Square. Scottish Widows reckons the house is worth around £1.3 million, with a monthly rent of around £2,687.
Meanwhile, Emmerdale’s Zak Dingle is unlikely to have much more than Dot Branning. The chances of him having savings, investments or pensions are negligible when you consider his past criminal behaviour.
The most financial savvy
Audrey Robert’s grandson Nick Tilsley is soap’s most financially savvy character, according to Scottish Widows. The owner of Nick’s Bistro is expected to have investments, a pension and savings. In his mid-30s he could be putting away £10,000 a year in his pension (assuming a salary of £70,000-£80,000). That would give him a healthy annual pension income of £23,000 when he retires, well ahead of the average for real life 35 year olds, which is estimated to be around £15,000.
“For a run-down area of Salford, Weatherfield certainly seems to house some financially-savvy residents though,” says soap expert and writer Mark Peters. “Audrey Roberts, Nick Tilsley and Roy Cropper all have their own successful businesses and in Nick’s case, he’s a totally self-made man – better at making money than mum Gail is at choosing husbands.”
Among other soap entrepreneurs, many won’t have pension savings – much like the 6.2 million Brits who are making no provision for their retirement.
You need to start saving
“What came through most strongly in the analysis of these soaps is the importance of planning ahead and beginning to save for a pension as early as possible,” says Jackie Leiper, retirement expert at Scottish Widows.
That's not just a lesson for soap characters of course. All of us need to take the time to work out how much we need to put away each month to ensure we can retire with a decent income.
Thankfully, the Government's workplace pension scheme means many people will begin saving for their retirement, as their employer is legally required to enrol them into a pension. Large and medium-sized employers are already required to do it, with smaller employers joining the scheme in the next couple of years. For more, read Workplace pensions: what it means for you.
But you can do more too. Go through your budgets to see if you can spare an extra couple of pounds a month to boost your pension pot. Thanks to compound interest, every pound really does make a difference.
Then take more notice of exactly how your pension is being managed. Where is your cash being invested? And what fees are you paying? If you are paying too much, don't hang about - switch!
Picture credit: BBC
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