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14 Oct 2013

NEST: UK Workers More Willing To Save For Retirement

Britons have dramatically changed their attitudes towards financial planning and saving for retirement, with workers now much more receptive to pension reforms, according to a new poll by the National Employment Savings Trust (NEST) and research firm Futures Company.

For the survey, NEST polled around 2,000 UK workers and found that three in five of those still to be enrolled in a workplace pension scheme intended to stay in it, which is a significant increase from the 47% who shared this opinion in 2011. Meanwhile, only 18% of respondents had a negative view on pension reforms, compared to 27% two years ago.

One year after the start of auto-enrolment, 1.6 million people have already joined pension schemes, and only 10% of them have decided to opt out. NEST notes that the low opt-out rates are due to the economic crisis altering employees´ attitudes.

This approach is reflected in the large proportion of Britons that still feel conscious about spending, despite the more encouraging economic conditions over the past few months. As many as 61% of respondents said they were thinking twice before making even small purchases, while nearly half of those polled within the 25 to 34 age group said they regularly compared prices on their smartphones before buying a product.

Meanwhile, more than half of workers who already joined a workplace pension scheme agreed that it was the right time for them to start saving for retirement, while 48% stated that the move was financially justified, as employers also contributed.

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