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Who saves for retirement? 2: eligible non-savers


Publication date

Jan 2014


New research and policy analysis on workers who reject workplace pension saving.
The government’s auto-enrolment reforms to workplace pension saving, which began a rolling implementation in October 2012, seek to boost rates of participation in pension saving across the UK workforce.
However, policymakers have always known that some workers would continue to reject workplace pension saving, even when employer contributions are available.
To help inform policymakers seeking to minimise the rate of ‘opt-outs’, this research uses detailed data from the Wealth and Assets Survey to understand why workers reject the chance to save into a workplace pension with employer contributions.
The research was undertaken in partnership with the Institute for Social & Economic Research (ISER) at the University of Essex, and was made possible by the kind support of Prudential.
The analysis found:
Around one-in-ten workers were ‘eligible non-savers’ who did not save into their workplace pension with employer contributions;
The most powerful single predictor of being an eligible non-saver was being a renter, in addition to gender, age and education;
In addition to objective characteristics, a worker’s attitudes (for example, to investing in property) and financial management (such as having money leftover at the end of the month) represented strong, independent predictors of being an ‘eligible non-saver’.


Pensions, Labour Market, Public Policy, and Savings And Assets


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