Martin Lewis has urged Brits to follow a vital spending rule during retirement to ensure a “better life”. The Money Saving Expert shed light on the financial planning strategy in an episode of his BBC podcast, where listeners shared their stories of balancing the books after leaving the world of work. Various accounts highlighted the importance of “spending wisely” and reserving a financial safety net in case “the worst” happens – a message the personal finance guru endorsed.

Responding to one listener, who said he was focused on “enjoying” the money he had saved while he still could, Mr Lewis said he agreed but advised awareness of spending and saving to allow for continued “utility and happiness”.

“You need to plan and be prepared for the worst to happen, and have the contingencies available,” he said.

He added: “But actually spending wisely, checking that you are doing things efficiently, not wasting money on things that don’t give you happiness or value, or at least getting the things that you need and the necessities, not joyful things, as cheaply as possible in a way that works, is what enables you to spend the money on the things you want to, to give you a better life.”

The UK state pension will rise by 4.8% in April 2026, meaning the total weekly payment received by those eligible for the maximum ‘new’ pension will be £241.30, an increase of £574.60 per year.

Those receiving the maximum basic state pension are set to receive £184.90 a week, an annual rise of £439.40.

Brits become eligible for the state pension when they reach the Government’s official retirement age, currently set at 66 for both men and women.

To curb public spending, the official retirement age is gradually rising, with a planned increase to 67 by 2028 and to 68 between 2044 and 2046.

Research published by Opinium for Hargreaves Lansdown last year showed that more than a quarter of people rely heavily on their state pensions in retirement, with 35% admitting to being somewhat dependent on it.

Helen Morrissey, head of retirement analysis at the financial services company, said there are several things savers can do to make life easier for themselves after leaving the world of work.

She told the Daily Record: “You can save into a pension for years and not be aware of how much income that pot could generate for you. This is particularly the case when you have several different pensions scattered around from different employers. Taking the time to check in can give you a nice surprise of knowing you have more than you thought or at least allow you to get a plan in place if you aren’t on track.

“Taking small steps such as boosting contributions every time you get a pay rise or new job is [another] way to bolster your position.”