We are pleased to announce the release of our latest ‘Tackling the Savings Gap White Paper’ for Q4 2016. This report provides the latest data and information on the Savings Gap, which represents the shortfall in retirement savings. Our surveys show that an income of £23,000 is needed annually in retirement to live comfortably. However, based on actual savings behaviour, people in the UK are on course to receive an income of just £6,000 per year from their retirement fund.
We Survey the Nation
Since we launched this campaign in 2013, we have surveyed more than 26,000 UK adults across all demographics. Given the research size we are able to provide valid and generalisable data, that determines what recent economic events have meant for household budgets and how, or if, this has impacted saving behaviours.
Our latest quarterly survey has shown the publics views towards pensions has changed dramatically. The proportion of people not involved in any form of retirement saving has dropped. Monthly pension pot contributions have also increased, with savers now adding an average monthly amount of £566 to their pension pot, a 42% increase from our findings in Q3 2016.
The consistently low interest rates may have had a direct impact on the appetite for ISAs, with 41% of respondents saying they do not have one, compared to only 29% 12 months ago.
Our report also looks into the nation’s saving and spending habits and the impact recent economic changes has had on households in the UK.
Download Your Copy
To read more on the big changes, the three areas that form the Savings Gap and more, download a copy of our latest Tackling the Savings Gap Paper.