top of page

One in 20 increased their pension savings during pandemic

  • Writer: 7 Financial Planning
    7 Financial Planning
  • Dec 19, 2021
  • 2 min read

One in 20 (5 per cent) UK adults have increased the amount they save into their pensions since the beginning of the Covid-19 pandemic in March 2020, research from The People’s Pension (TPP) has found.

The survey, conducted by YouGov on behalf of TPP, revealed a disparity between incomes, with 6 per cent of those in managerial and supervisory positions (ABC1 workers) being able to save more into their pensions compared to 3 per cent of those in manual and lower-paid jobs (C2DE workers).

Of those surveyed, two-thirds (67 per cent) had not felt the need to engage with their pension, while 3 per cent withdrew money from their pension pot.

The research was conducted as furlough came to an end, with 2 per cent being left out of work and 9 per cent stating that they earned “significantly less” since the beginning of the pandemic.

More generally, nearly a third (29 per cent) had been able to save more money since the onset of the pandemic.

The regions where the highest proportion of people said they were able to save more were Yorkshire and the Humber (36 per cent), the East Midlands (35 per cent), the South East (35 per cent) and Wales (33 per cent).

Meanwhile, the regions least likely to have saved more were the North East (20 per cent), Northern Ireland (22 per cent), the North West (23 per cent) and the South West (24 per cent).

Commenting on the findings, director of policy and external affairs Phil Brown said: “This research confirms that the economic fallout from the pandemic has impacted people differently, depending on how much they earn and where they live.

“It’s very interesting to see that nearly three in 10 adults (29 per cent) have been able to save money due to the fact they have spent a lot less on holidays and going out.

“The results of our survey also reinforce the importance of saving into a pension, something that people have continued to do during a time of great economic uncertainty.”

Recent Posts

See All

Comments


Sign Up To Our Newsletter

For monthly industry insights as well as updates from 7FP, register to keep in touch.

Thanks for subscribing!

Our website offers information about investing and saving, but not personal advice. If you're not sure which investments are right for you, please request advice. If you decide to invest, read our important investment information first and remember that investment values can go down as well as up, so you could get back less than you put in.

T: 0191 380 4106

E: enquiries@7fp.co.uk

The Old Brewery

Castle Eden

Hartlepool

TS27 4SU

7 Financial Planning is a trading style of Aimee Financial Ltd, who are authorised and regulated by the Financial Conduct Authority, reference number 915784. You will find us on the FCA register.

7 Financial Planning Logo
Emblem for Chartered Financial Planners provided by the Chartered Institute Insurance.

We are committed to providing products and service of the very highest standards. If you feel that we haven’t lived up to your expectations in any way, we would like to know so we can put things right for you. If you have a complaint, make sure you contact us here. We will do all we can to resolve your complaint by the end of the next business day. If we can’t do this, we will write to you within five working days to tell you what we have done to resolve the problem, or acknowledge your complaint and let you know when you can expect a full response. If we haven’t issued our response within eight weeks from the date you first raised your complaint, or if you’re dissatisfied with our response, you can ask the Financial Ombudsman Service – www.financial-ombudsman.org.uk – for an independent review. The Financial Ombudsman Service will only consider your complaint once you’ve tried to resolve it with us, so please take up your concerns with us first and we’ll do all we can to help.

Registered in England and Wales. Registered office: The Old Brewery, Castle Eden, Hartlepool TS27 4SU.

Website by Belta Branding

bottom of page