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Low-paid staff saving more
HALF of low-paid workers are now saving adequately for their retirement, according to Scottish Widows, as the auto-enrolment pensions scheme has pushed them into saving.
Two years into the scheme, the proportion of low-paid workers saving enough – around nine per cent of an average income – has risen from 34 per cent to 50 per cent.
Three per cent have chosen to opt out of the savings scheme.
Although the scheme has met its goals of boosting retirement savings, some economists fear it is keeping down wages as firms have to divert financial resources to pensions rather than pay.