62% say pension saving remains ‘a high priority’
More than six in 10 adults (62%) say that saving for retirement remains a “high priority”, despite the challenges of the cost of living crisis.
According to a major survey of 7,000 adults carried out in August by the Pension Geeks campaign, most people remain committed to pension savings.
The findings contrast with recent research suggesting some pension savers have cut back or stopped pension saving altogether as they struggle to meet household bills.
Pension Geeks has released the figures ahead of this year's annual Pension Awareness Campaign which runs from 11-15 September and marks a 10-year milestone for the campaign.
Pension Geeks, based in Grimsby and owned by Aegon but autonomously run, call themselves ’savings crusaders’. Their aim is to educate the public about the benefits of pension saving.
This year’s campaign will culminate with Pension Awareness Day on 15 September.
The aim of the campaign this year is to encourage more people to think about their retirement and plan ahead. The Pension Awareness campaign will also cover all aspects of personal finance, with the additional topic this year of mortgages.
Jonathan Bland, co-founder of the campaign, said: “We’ve been living through some turbulent financial times, and have seen soaring costs in pretty much every aspect of our lives, but even in the face of the cost-of-living crisis, our recent findings show our viewers still find saving for their pension a priority.
“We think that serves as a reminder that it’s so important to keep going. To keep delivering Pension Awareness. To be a place where we can provide straight answers to tough questions and topics. To help people. To inspire them to take control and make sure that their money is working as hard as it can for them.”
Pension Awareness is supported by the Pension Attention Campaign that the Association of British Insurers (ABI) and Pension Lifetime Savings Association (PLSA) will be leading. It is also supported by financial service companies such as Aon, Canada Life, Isio and Moneybox.
Hetty Hughes, manager, long-term savings at the Association of British Insurers (ABI), said: “By bringing experts to audiences of engaged savers in workplaces across the country, the Geeks are playing an important role in lifting people’s confidence with their retirement savings and putting more attention on pensions.”
Among the individuals and organisations backing the campaign this year are ex-Pensions Minister Sir Steve Webb, The Money and Pensions Service, (MaPS), and many providers.
Details of the campaign are here: Pension Awareness campaign.
To register for the free live shows, go to: www.pensionawarenessday.com or follow the campaign on social: @PensionDay (Twitter) Pension Awareness Day (LinkedIn) #PAD23