05 March 2020

Government must act now to safeguard pensioners’ financial futures as income inequality grows

3 min read

 
Helen Morrissey, Personal Finance Specialist
Helen Morrissey

Corporate PR Specialist – Long Term Savings

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Helen Morrissey, pension specialist at Royal London comments on data showing growing income inequality in retired households.

“It is disappointing to see income inequality increase in retired households. This is caused by stronger growth in the wealth of wealthier pensioners in comparison to poorer pensioners and reflects the enormous impact private pensions have on people’s financial wellbeing in retirement.

"If we are to safeguard the financial futures of pensioners, government must act now to expand auto-enrolment to encompass lower earners and the self-employed as well as increasing contributions beyond current auto-enrolment minimums.”