Official data from the DWP* reports that participation in workplace pensions has reached record levels at 78% of eligible employees**.
This is up from a low of 55% in 2012.
Leading the way has been a growth in saving by the millennials, those under the age of 30. Participation of this population has more than doubled from 35% in 2012 to 72% today. No other age group matches this level of growth.
| 2012 | 2016 |
Age 22-29 | 35% | 72% |
Age 30-39 | 54% | 77% |
Age 40-49 | 62% | 81% |
Age 50-State pension age | 62% | 80% |
Overall | 55% | 78% |
Commenting on the data, Alistair McQueen, Head of Savings & Retirement at Aviva said:
“Today’s millennials face financial pressures like never before. House prices have sky-rocketed, a “job-for-life” is a thing of the past, and it is not uncommon to begin your career with thousands of pounds of student debt.
“With these challenges in mind, the millennials willingness and ability to save for their long-term future is to be praised and celebrated.
“Aviva’s Family Finance Report*** found that millennials want to prioritise long-term saving before short-term spending and they are putting their money where their mouth is. No longer can people claim that today’s millennials are living just for today.”
Ends
Media Enquiries:
Fiona Whytock, Senior Media Relations Manager, T: +44 (0)7800 692299 E: Fiona.whytock@aviva.com
Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £340 billion in assets. Total group assets under management at Aviva group are £450 billion.
- Aviva helps people save for the future and manage the risks of everyday life; we paid out £34.4 billion in benefits and claims in 2016.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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* https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/618843/workplace-pension-participation-and-saving-trends-2006-2016.pdf
** Eligible employees: This analysis is limited to those who meet the automatic enrolment age and earnings criteria each year, including employees already a member of a workplace pension scheme.
*** Aviva Family Finance Report Summer 2016.pdf