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.
Date :27 February 2013
We are recruiting for a temporary Events Coordinator to coordinate and support our busy events calendar for the remainder of 2018, build on our external communications and assist the Head of External Affairs on communications around our Future of Ageing conference.
Date :30 August 2018
New international report explores the relationship between life expectancy and productivity in developed countries.
Date :20 August 2018
ILC-UK are once again looking for someone to speak for 10 minutes on the plenary platform in front of 250 people at our annual Future of Ageing Conference (29th November, London).
Date :03 August 2018
“Auto-enrolment has successfully led to millions more saving each month towards a pension, but the Committee is right to call for action to get people saving more. We are pleased they support our recommendations to consider automatic escalation of pension contributions for some individuals, and we agree that a strategy is needed to automatically-enrol the self-employed."
Date :27 July 2018
Dr Brian Beach, Senior Research Fellow at ILC-UK and who gave oral evidence to the Committee, welcomes the Committee’s call for stronger action by Government and EHRC and says it’s crucial that employers understand what ageism really is.
Date :17 July 2018
“The latest Fiscal Sustainability Report makes it very clear that we are facing an uncertain future. Demographic pressures are set to continue to dominate the agenda, with health, pension and adult social care spending all set to rise as a proportion of total GDP."
Date :17 July 2018