Half of auto-enrolment savers 'cannot afford' contribution hikes

Pru research reveals contribution concern

clock • 1 min read

Auto-enrolment is helping savers make better retirement plans but almost half believe they cannot afford higher contributions, according to research from Prudential.

The provider found 44% of new savers say they are now making better plans for retirement under auto-enrolment, first launched by government in 2012. More than half (51%) admitted they could afford to save more with 29% saying they could afford to save an additional £100 or more. Only 26% of those surveyed believed they were saving enough for a comfortable retirement. However, nearly half (49%) of new pension savers feel they cannot afford to increase contributions from their current level. Under current rules workers aged 22 or over and earning more than £10,000 a year need to contr...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Everything advisers need to know on MEES regulations and pensions

Everything advisers need to know on MEES regulations and pensions

'Commercial property still remains a highly attractive and favourable investment for the right client'

Caitlin Southall
clock 14 July 2026 • 4 min read
Retirees feel regret after rushing to take out tax-free cash

Retirees feel regret after rushing to take out tax-free cash

Chancellor urged to provide earlier clarity ahead of 2026 budget

Isabel Baxter
clock 02 July 2026 • 3 min read
Third Financial launches white-labelled SIPP

Third Financial launches white-labelled SIPP

Titan Wealth first client to use service

Jenna Brown
clock 29 June 2026 • 1 min read