Employees are concerned about retirement savings

Employees are concerned that they are not saving enough for retirement, even though most admit it is their responsibility to provide for their own future.

According to new research by JLT Benefit Solutions, despite the majority of both employers (84%) and employees (76%) believing that the responsibility for retirement savings lies with the individual, 41% of workers stated they didn’t think they were saving enough through their pension.

Furthermore, almost a third (32%) of respondents were ‘very worried’ they were not saving enough for retirement, and only 11% stated it was not a concern at the moment.

Many workers will also look to the state pension to support them in retirement. Of the 76% of employees who thought individuals should be responsible for retirement, 54% thought the government shared a responsibility as well, with 44% thinking employers also had a responsibility,

The Employer & Employee Personal Accounts Research, which surveyed 2,103 employees and 514 employers, revealed that an occupational pension scheme is the most widely offered pension scheme (63%) as well as the most valued benefit (56%) by staff.

Duncan Howarth, chief executive at JLT UK Employee Benefits Group, said: “While clearly employers and the government to an extent should support employees with some aspects of benefit provision, information and education, employees really need to get to grips with retirement planning.”