We are pleased to share with you our latest Tackling the Savings Gap research, which covers UK personal savings and debt data for Q3 2015.
Tackling the Savings Gap is a barometer for the UK’s attitude towards savings, investments and debt. The data is sourced from an independent survey of over 2,000 UK adults of all age ranges, socio-economic backgrounds and from all corners of the country.
Highlights of our findings:
- 22% of Britons are currently saving nothing for retirement
- Savers have put £1,969 towards their retirement fund over the last three months
- £984 worth of debt has been taken on by individuals over the same period
- Only 6% of respondents have taken out a large sum of money from their pension
- Auto enrolment is the main reason people pay into a pension
Also in this report we took a closer look at the popularity of ISAs compared to pensions. Commenting on this topic, our Managing Partner, David Harrison, said “Despite the incentives that are loaded on to pensions, enforced auto enrolment and their longer history, consumers are almost as likely to choose an ISA over a pension, and many people have both.
“Successive governments have tried to retro-fit pensions and unfortunately this simply discredits them further in the eyes of the public, who are sceptical about locking money away on a promise today that may be meaningless in 30 years’ time. ISAs have built-in access, which is both reassuring and flexible.”
You can read the full report here.
For archive reports, you can view our ‘Tackling the Savings Gap’ page here