The majority of people who have not started saving for a pension blame lack of confidence, rather than unwillingness to save as the reason for delaying, research has found.
A study from the National Employment Savings Trust (NEST) found 71% said they may not have put enough aside because they don't want to make the wrong decision about saving for retirement, whereas nearly half (47%) agree it's because they don't know enough about what would be their best option.
Some 40% admitted where they had extra cash available they would be more likely to spend it on holidays, 20% on home improvements and 20% on socialising.
The research said currently, just 1% of private sector employees who will be automatically enrolled into a work place pension think it is "essential spend".
It surveyed a representative sample of 1,847 jobholders not currently in a qualifying scheme.
On the back of the research, NEST has launched a campaign to boost confidence in pension saving using social media.
Tomorrow is worth saving for asks consumers, ‘what do you do now that you will still want to do when you're older? Going to the cinema, socialising with friends, going to the football?' and asks consumers to join a conversation to tell NEST what they think makes tomorrow worth saving for.
Tim Jones, NEST chief executive, said: "Too many people are putting off setting money aside for their later lives because they don't know what to do or don't want to think about retirement. Our findings show we must use this opportunity to build up their confidence.
"Our campaign aims to help consumers put pensions into the context of the lives they live today and kick-start a national conversation about what makes ‘tomorrow worth saving for' in their lives.
"Automatic enrolment is the first step towards a long overdue pension revolution and NEST will play a key role in helping millions more to save for retirement."
Automatic enrolment will make pension saving easier for millions of people from October and boost their pension pots due to contributions by employers and the government.
NEST research also shows that when told about the reforms, two thirds (63%) agree that automatic enrolment is a good idea and just 16% said they would definitely opt out.
The vast majority (78%) said knowing they have something put aside and growing ready for their retirement would make them stay opted-in, while more than two thirds (67%) said it would be the relief that they could stop worrying they'd done nothing to prepare.
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