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Under-30s see rise in pension savings

Almost two-fifths of workers under the age of 30 are now saving adequately for retirement, according to research from Scottish Widows.

The report measures the number of people putting more than 12% of their income towards their pension, which Scottish Widows recommends as a minimum for adequate savings.

For those aged between 22 and 29, the number of people saving at least this amount increased sharply from 30% in 2017 to 39% in 2018.

Across all age groups, 55% of UK workers are saving adequately for retirement.

Robert Cochran, retirement expert at Scottish Widows, called the figures "encouraging" and noted that "auto-enrolment has played a really important part" in the rise.

However, the research also showed that more could be done to include younger people in workplace pensions.

More than a fifth (21%) of under-30s are not saving anything at all for retirement, with a further 20% saving ‘seriously less' than the recommended amount.

The government has already proposed to lower the minimum age for auto-enrolment from 22 to 18, which could bring an estimated 900,000 people into retirement saving.

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