NEWS:

Responding to Aviva’s second Working Lives report, David Sinclair, Assistant Director of Policy and Communications at ILC-UK said:

“'Putting off’ retirement planning places young people at risk of living in poverty later in life. We must better plan for tomorrow, today.

Whilst many younger people are struggling to save, it is positive news that large numbers do not plan to opt out of automatic enrolment for pensions. Auto enrolment will result in millions more people saving for later life.

Society must do more to instill a savings culture in the young. Saving needs to become a social norm.

Government and the industry should work together to develop and promote a savings rule of thumb similar to the ‘5-a-day’ healthy eating message.”

Notes: Aviva’s latest working lives report is being published on 27th February. The report finds:

  • Britain’s workers remain undecided on pension saving - 37% of employees say they will opt out of automatic enrolment, and 28% are undecided.
  • Affordability is a key obstacle - almost half (45%) of employees who do not currently take up the pension they are offered say they don’t have the cash.
  • Only a third (37%) of employees are confident about their financial situation.
  • Two-thirds of employees (65%) say their key workplace concern is how their pay compares to the cost of living.
  • Nearly two-thirds (60%) of employees lack confidence in the UK economy.

Younger people and saving: ILC-UK’s 2011 report, Resuscitating Retirement Saving: How to Help Today’s Young People Plan for Later Life, produced with the support of Prudential, examined the financial and economic circumstances of young people today. It considered the role of behavioural economics in nudging young people towards saving for retirement.

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