Taking on the long-term savings challenge
Too few people are taking, or are able to take, responsibility for their own pension and savings for the long term, which means they’ll lose out on a fulfilling future in retirement.
How we can help
There are a number of barriers to saving enough for later life, so we’re working in the areas where we believe we can make the biggest difference. We’re supporting people to secure their long-term financial future through our products and services, which we make sure are good value and respond to customer needs. We also look to fix faults in the pension system, and improve access to advice and guidance, through our campaigning work, and communicate directly with customers to help them engage with their savings.
- 18 million people currently saving into a pension (56%) are not confident they are saving enough to give them the lifestyle they want in retirement.
- 37% of people wrongly think the auto-enrolment minimum pension contribution level is the Government’s ‘recommended amount’ for a comfortable retirement.
- Depending on personal circumstances, people who take professional financial advice can be up to £47,000 better off after 10 years.