Young savers willing to pay more into their pension
Recent research undertaken by a leading insurance company revealed that the majority of millennials appear to be happy to contribute more to their pension following pay reviews or promotions.
The research revealed that:
- After automatic enrolment, 71% remained opted in to their pension scheme.
- 8% of those who chose to opt out, later re-joined the pension scheme.
- 75% of people aged 25-34 were happy to increase their pension contributions automatically in line with future pay rises.
Clearly, automatic enrolment has led to an increase in pension savings over the past few years particularly for young people despite financial pressures from rising housing costs and student loans.