Retirement report 2018: Adequate savings index
Scottish Widows’ 14th annual Retirement Report focuses on the impact auto-enrolment has had on the nation’s savings habits – is the initiative helping more people to save enough for the retirement they want?
There is strong evidence that auto-enrolment continues to show a positive impact on the number of people saving for their future. This latest report reveals the number of under-30s saving enough for retirement has risen sharply by 9%. However, more than one in five young people (21%) are still saving nothing for later life, with a further 20% saving seriously less than 12% of their income – the minimum amount recommended by Scottish Widows.
But those with more than one job – or multiple jobs – could be unfairly missing out on valuable employer contributions to their pensions due to the £10,000 auto-enrolment threshold for earnings.
Robert Cochran, retirement expert at Scottish Widows, said:
“This year’s study shows some of the hardest working and most financially vulnerable members of society are slipping through the auto-enrolment net because of minimum earnings thresholds. This unfairly impacts multi-jobbers, who could be working the equivalent of full-time hours, yet without the financial benefit of having a single employer.”
Read the full report here (PDF, 1.39MB)
Read the full press release with UK national statistics here (PDF, 369KB)
Read the full press release with Scottish statistics here (PDF, 350KB)