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.
- Read the full press release with UK national statistics here.
- Read the full press release with Scottish statistics here.