Report: Retirement Report 2018: Adequate Savings Index

Focusing on the impact auto-enrolment has had on the nation’s savings habits, this 14th annual report from Scottish Widows investigates whether the initiative is enough for an adequate retirement.

Key findings:

• The number of under-30s saving enough for retirement has risen by nine per cent. However, more than one in five young people are still saving nothing for later life, with a further 20 per cent saving seriously less than 12 per cent of their income – the minimum amount recommended by Scottish Widows.
• ‘Multi-jobbers’ are missing out on £90m a year in employer contributions due to the automatic enrolment threshold.
• 83 per cent of workers are saving something into a pension. However, the proportion of people saving adequately for retirement has dropped to 55 per cent – the first fall since 2013.

The research was carried out online by YouGov across a total of 5,148 nationally representative adults in April 2018.