According to research carried out by Scottish Widows, almost two-fifths of workers under the age of 30 are now saving adequately for retirement.
The report measures the number of people putting more than 12% of their income towards their pension, which Scottish Widows recommend as a minimum for adequate savings.
For individuals aged between 22 and 29, the number of people saving a minimal of 12% of their income increased from 30% in 2017 to 39% in 2018.
Across all age groups, 55% of UK workers are saving adequately for retirement.
Robert Cochran, a retirement expert at Scottish Widows, called the figures “encouraging” and noted that auto-enrolment has played a really important part in the rise.
However, the research also showed that more could be done to include younger people in workplace pensions.
More than a fifth (21%) of under-30s are not saving anything at all for retirement, with a further 20% saving ‘seriously less’ than the recommended amount.
The government has already proposed to lower the minimum age for auto-enrolment from 22 to 18, which could bring an estimated 900,000 people into retirement saving.
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