More than half (57%) of respondents are concerned that the majority of employees do not have enough savings for a comfortable retirement, according to research by Employee Benefits.
The Employee Benefits Pensions research 2020, which surveyed 94 pension strategy decision-makers, found that this issue has seen a slight decline of three percentage points year on year.
When it comes to confidence surrounding pension savings, there has been no real change
since the question was first asked last year.
Furthermore, an additional 32% of respondents are unsure of the financial situation their employees may be facing at retirement, leaving only a small minority (12%) of respondents confident that their employees will have a sufficient pension pot at retirement.
With employment uncertainty caused by the Covid-19 (Coronavirus) pandemic, perhaps employees are cautious when it comes to saving money for the future, believing current financial issues may be a more pressing matter to deal with. It will be interesting to see how this will have an effect in the coming year.
The proportion of respondents that are confident the majority of their employees are saving enough to be comfortable in retirement
Click to download the Employee Benefits Pensions research 2020.