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Pension saving BBC article
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eastcorkram
Posts: 909 Forumite


At first , I found the figures mentioned here hard to believe, especially as there is now auto enrollment. Then realise it's not half of working people not saving into a pension at all, but half of working age people. So, that doesn't mean much, unless I know how many working age people are actually working.
https://www.bbc.co.uk/news/articles/ckgj84ejd9wo
https://www.bbc.co.uk/news/articles/ckgj84ejd9wo
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"only one-in-four low earners in the private sector are saving into a pension"Some buy their own house or save in an ISA, some are economically illiterate and invest in what they know.Some are just not the sort of person who thinks about the future, until they reach an older age.2
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eastcorkram said:At first , I found the figures mentioned here hard to believe, especially as there is now auto enrollment. Then realise it's not half of working people not saving into a pension at all, but half of working age people. So, that doesn't mean much, unless I know how many working age people are actually working.
https://www.bbc.co.uk/news/articles/ckgj84ejd9wo0 -
The article mentions people of Pakistani heritage of which I know a few
None of them consider pensions at all - it's all about property. Those that are entitled to a pension eg. LGPS opt out.2 -
eastcorkram said:At first , I found the figures mentioned here hard to believe, especially as there is now auto enrollment. Then realise it's not half of working people not saving into a pension at all, but half of working age people. So, that doesn't mean much, unless I know how many working age people are actually working.
https://www.bbc.co.uk/news/articles/ckgj84ejd9wo2 -
Andy_L said:eastcorkram said:At first , I found the figures mentioned here hard to believe, especially as there is now auto enrollment. Then realise it's not half of working people not saving into a pension at all, but half of working age people. So, that doesn't mean much, unless I know how many working age people are actually working.
https://www.bbc.co.uk/news/articles/ckgj84ejd9wo0 -
The ONS have figures.
The workplace pension participation rate in the UK was at 79% (22.6 million employees) in April 2021, up slightly from 78% in 2020;.
In April 2021, the gap in employee workplace pension participation rates between the public (91%) and private sectors (75%) was among its lowest levels, mainly driven by increased participation in the private sector up from 32% in 2012.
https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/workplacepensions/bulletins/annualsurveyofhoursandearningspensiontables/2021provisionaland2020finalresults2 -
leosayer said:The article mentions people of Pakistani heritage of which I know a few
None of them consider pensions at all - it's all about property. Those that are entitled to a pension eg. LGPS opt out.1 -
Silvertabby said:leosayer said:The article mentions people of Pakistani heritage of which I know a few
None of them consider pensions at all - it's all about property. Those that are entitled to a pension eg. LGPS opt out.
The reasons given for opting out of LGPS is that they can make better use of the money now for buying a long term home for themselves and their parents and grandparents or for buying an investment property.
The expectation is that once they themselves stop working, their children will already be working and providing for the household, keeping the model going.
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Here is another document published today. Not sure if someone did it already: Analysis of Automatic Enrolment saving levels
https://www.gov.uk/government/statistics/analysis-of-automatic-enrolment-saving-levels/analysis-of-automatic-enrolment-saving-levels0 -
leosayer said:
The expectation is that once they themselves stop working, their children will already be working and providing for the household, keeping the model going.0
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