A new survey reveals millions of UK workers risk missing out on their ideal retirement without immediate action on pension contributions
London: Millions of workers in the UK are being urged to step up their pension contributions. A recent survey from the Pensions and Lifetime Savings Association (PLSA) shows that many haven’t even thought about increasing what they save for retirement.
It turns out that about half of the people surveyed don’t know how to change their contributions with their employer. That’s a bit worrying, right? Even more surprising is that 42% said they might consider upping their contributions if they got a pay rise.
Interestingly, younger savers, especially those aged 18 to 34, are more likely to increase their contributions if they see a bump in their paycheck. Zoe Alexander from PLSA pointed out that many folks understand they need to save more but often don’t take action.
She mentioned that financial pressures can make it tough for people to make those important pension decisions. It’s clear that more needs to be done to help people take that next step, whether through better education or making it easier to adjust contributions.
Zoe emphasized that small changes, like reviewing investments or slightly increasing contributions, can make a big difference in the long run. Employers and policymakers should provide clearer guidance to encourage people to act sooner.
Ultimately, if this disconnect isn’t addressed, many will continue to miss out on the retirement they dream of. It’s all about making pension savings a priority and simplifying the process for everyone.
