Retirement Report 2017: Adequate Savings Index
Scottish Widows’ latest annual Adequate Savings Index reveals that although auto-enrolment has been a success in kick-starting the savings habit for millions, it may be lulling people into a false sense of security that they’re putting away enough for a comfortable retirement. This is particularly the case for the under-30s. While 80% of this age group are paying something into a pension, 70% are not putting away enough.
While retirement may feel like a long time away, it’s important that young people start to think about it as soon as possible. Using the right platforms, technology and content to engage them is a critical first step. If we don’t get this right, it’s far more difficult for them to reach their desired savings levels as they get older.