Poll: 32% thinking about pension saving

The number of people thinking about saving in a pension has risen by 12 per cent in the past year.

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A recent report indicating that 94% of employers are planning to reduce or scrap their defined benefit pension provision has underlined the need for greater flexibility in long-term savings, according to a former Downing Street adviser.
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Tuesday, 13 April 2010 10:12

By myfinances.co.uk staff

The number of people thinking about saving for their retirement has shown a "significant rise" over the past 12 months, according to a new poll from Legal & General.

Its MoneyMood survey found that 32 per cent of British adults are currently considering making contributions to a pension scheme, up from 20 per cent in 2009.

The percentage of men thinking about joining a retirement fund has almost doubled from 21 per cent last year to 40 per cent now, while the figure for women grew from 20 per cent to 25 per cent.

Legal & General unit trusts marketing manager Claire Evans said that she is encouraged by the "healthy rise" in the number of people looking at saving for the long term.

She added that since the annual tax-free limit on stocks and shares ISAs increased from £7,200 to £10,200 for all savers on April 6th, there is now "more scope than ever" for people to save for a rainy day without having to join a traditional pension scheme.

According to the March Savings Index from Nationwide, 51 per cent of Britons now class themselves as regular savers.

Poll: 32% thinking about pension saving

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