Millennials drive workplace pension participation

78% of eligible employees participated in a workplace pension scheme in 2016, according to the Department for Work & Pensions.

The biggest jump in growth was from those under 30 working in the private sector with the number of people participating increasing from 24% in 2012 to 68% in 2016.

By industry, 89% of those working in the energy and water sector took part in a workplace pension, compared to 44% working in agriculture and fishing.

By region, employees in the South West saw the biggest rise in participation with 94% having enrolled into workplace pensions.

Alistair McQueen, head of savings & retirement at Aviva, said:

“Today’s millennials face financial pressures like never before. House prices have sky-rocketed, a ‘job-for-life’ is a thing of the past, and it is not uncommon to begin your career with thousands of pounds of student debt.

“Millennials want to prioritise long-term saving before short-term spending and they are putting their money where their mouth is. No longer can people claim that today’s millennials are living just for today.”

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