Already saving?

It’s great that you’re already saving, but are you saving enough?

Could you save more?

You might have heard about the retirement savings gap. It's about people not saving enough for their future. If you can save more now, there's less chance this could affect you.

There could be other things you want to save for, for example, a child’s wedding or university costs. Let’s see how you can help yourself save enough.

Sometimes there are ways to save a bit more by looking at what you pay out.

Your mortgage

Perhaps your mortgage payments have gone down. If they have that's extra money you could save. You could change the terms of your mortgage or switch provider. Bear in mind, there can be charges and set up costs.

Your energy provider

You might be able to save money by switching energy company. If you can save even £20 a month, it adds up to an extra £240 a year.

Every day shopping

Plan what you want to get first. Also, it pays to shop around. You may be surprised by how much you could save.

Look out for deals

Look at your car insurance, TV, internet and phone deals. Any money you can save can make a difference.

Visit comparison websites to see if they can help you pick or move to a better deal. Here are a few:

Remember your savings opportunities

Let’s look at how you’re saving now and see if your money is working hard for you.

Your employer's pension payments Are you making the most of your employer contributions? Some employers match what you put in, up to a certain level. So if you increase what you pay, so could they.
Pension tax relief What you pay into a pension gets tax relief. If you’re a higher or additional rate taxpayer, you get more tax relief.
Your ISA allowance The Government sets the amount you can pay into an ISA each year without any growth being taxed. How much you put in this year is not affected by how much you already have in an ISA.
Check that your savings accounts have the best rate of interest you can find Check that your savings accounts have the best rate of interest you can find.
Your Personal Savings Allowance Banks can now allow you to earn interest without being taxed. Any growth from ISAs is not included in this.

Boosting your savings


One way to boost your savings is to try and save any extra money you get. If it lingers too long in your current account, you might spend it.

You can give your pension a boost, with an added incentive from the tax man, if you’re lucky enough to receive any one of these:

  • bonuses
  • windfalls or winnings
  • overtime
  • an inheritance or gift
  • other savings from your bank or building society.

Our products and services

Find out how Scottish Widows can help you save for your future or provide retirement incomes.

Retirement products

Pension basics

Whatever stage of the retirement journey you’re at, get the basics before you go any further.

Find out more

Got a question?

If you need to ask us a question about pensions or retirement, then get in touch. There are lots of ways to contact us.

Contact us