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Employee Benefits News

Latest News
13 Jan 2014

59% Of Young Britons Would Take Part In Salary Sacrifice Scheme

Over the past few years, the idea of salary sacrifice schemes has gained popularity among both employers and employees. The majority of Britons in their 20s are willing to join work salary saving schemes, with more than 40% stating they are prepared to save at least 2% of their earnings, according to a new poll carried out by independent research company ICM.

Young adults emerge as the group with the most positive view of salary saving schemes, as the average approval for them was higher or equal to any other age group. However, for most of them, retirement does not appear to be a top priority at the moment, Workplace Savings and Benefits website reported. When asked what they thought was the most important thing to save for, just 3% of those aged 22 to 29 said retirement, compared to 37% who cited a house or a flat. Across all age groups, the average for those who listed retirement at the top of their saving priorities came in at 22%, the poll found.

Overall, young people in their 20s have spent much of their working life in economic conditions of uncertainty and turmoil, which has undoubtedly shaped their attitudes towards saving and has made them more willing to participate in salary sacrifice schemes, authors of the research suggest. Young Britons are looking for ways to save both for the short term and for the more distant future, including for their retirement, they commented.

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