Will auto-enrolment change the nation’s saving habits?

The recent official launch of auto-enrolment rightly puts retirement saving into the spotlight, but it still raises big questions about the eventual impact.

Will it have any effect on the 28% of consumer who have no retirement savings of any kind, or will non-savers opt-out? Will those saving small amounts for retirement now start to commit the significant proportion of their earnings they need to in order to be comfortable in retirement? Will it just lead to a switch from short-term to longer-term saving? And could there be an overall net reduction in saving if those already contributing more than the 8% envisaged by NEST see this as the benchmark?

And there are questions about financial advice, post-December when the impact of Retail Distribution Review is felt. Will consumers pay for the advice needed to make sensible decisions about retirement saving, or will employers find their employees are asking them for advice they are unable to give?

These and other questions will be addressed in the next wave of our industry-leading research about retirement finance. Subscribed to by many leading banks and insurers, the Retirement Planning Monitor is a unique opportunity to get detailed findings on these topical issues – and follow trends going back 10 years. The survey represents good value for money, as the cost is shared between many subscribers, with the opportunity to include your own unique questions.

The deadline for subscribers is end-October, so do get in touch now if you are interested.

 

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Nigel Hufton
01962 842211
Article date - 12/10/2012
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