Jamie Jenkins, Director of Policy & External Affairs at Royal London, comments on the number of employees that are concerned they are not currently saving enough for retirement.

Jamie Jenkins, Director of Policy & External Affairs at Royal London, comments on the number of employees that are concerned they are

As we reach the milestone of 10 years of Automatic Enrolment, a new report, ‘The Future of Auto Enrolment’, from mutual life and pensions company, Royal London, reveals that only a minority of UK employees (16%) are very confident that the amount they are currently saving is sufficient for retirement. A further 46% are fairly confident, however this leaves a significant proportion of workers (37%) that are not confident.

One in five (20%) workers also admit to having never checked their pension savings. The danger is that without establishing a plan, it makes it difficult to know how much they’ll need to save to achieve the lifestyle they aspire to in retirement.

Jamie Jenkins, Director of Policy & External Affairs at Royal London, said:

“While the priority for people at the moment is dealing with the current cost of living challenges, the crisis we have today provides a useful insight into what retirement might look like if a generation of people have not saved enough. It’s therefore crucial that we set out a clear plan to raise retirement saving to more adequate levels in future.

“Saving for later life through your employer may be embedded into the DNA of the UK pensions system, thanks to automatic enrolment, but we need to be realistic about setting the right level of saving to achieve the retirement people aspire to.”

Full release: Saving needs to increase to avoid another cost of living crisis in retirement

✉️ Neil Cameron, Royal London, 07919 171969 / neil.cameron@royallondon.com