The UK doesn’t save enough.
It’s a plain and simple truth that the savings and investment industry has known for decades. Politicians have finally cottoned on – and they are worried.
Report after dull report has concluded there will be a generation who retires into penury, or cannot afford to retire at all, because they have not squirreled enough away.
The big question is, what can we do now to dodge the diet of ready meals and food stamps awaiting us when the 2030s roll around?
We already have the automatic enrolment programme, introduced in 2012, which forces millions of employers to offer their staff pensions. But even once it is fully rolled out, less than 8 per cent of your salary will go into a pension.
One of the more popular ideas is to copy a system used in the US where a portion of any pay rise is automatically added to your pot, the theory being you’re not as likely to notice the cut.
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