Two-thirds (63%) of respondents said that auto-enrolment is a good idea, according to research by the National Employment Savings Trust (Nest) Corporation.
The research, which surveyed 1,847 employees not currently in a qualifying pension scheme, found that 16% of respondents would definitely opt out of their pension scheme once opted in through auto-enrolment.
The research also found:
- 71% of respondents said they have not put enough aside for retirement, whereas 47% said they do not know enough about what would be their best option.
- 78% of respondents said that knowing they have something put aside and growing ready for their retirement would make them stay opted in.
- Only 1% of private sector employees who will be auto-enrolled consider a pension scheme an essential spend.
In tandem with the publication of the research, Nest Corporation is launching its national campaign around the pension reforms, called Tomorrow is worth saving for, which aims to raise awareness of Nest and auto-enrolment.
Tim Jones, chief executive officer at Nest Corporation, 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 employees 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.”
Read more articles on auto-enrolment and the pension reforms