Nearly 5 per cent of savers have increased the amount they save into their pension since the start of the pandemic, according to research from The People’s Pension.
The research found that 29 per cent have been able to save more money, and new research shows how the pandemic has affected people differently depending on what jobs they have.
According to a YouGov poll conducted on behalf of The People’s Pension, 37 per cent of those classified as ABC1s, who typically work in managerial and supervisory roles, have been able to save more since March 2020, compared to 20 per cent of C2DE workers, who typically work in manual and lower-paying jobs.
The regions where the highest proportion of people said they were able to save more include; Yorkshire and the Humber (36 per cent), East Midlands (35 per cent), South East (35 per cent) and Wales (33 per cent). Whereas the regions least likely to have saved more are: North East (20 per cent), Northern Ireland (22 per cent), North West (23 per cent) and South West (24 per cent).
The survey of 2,163 adults found that since the pandemic began, 2 per cent have been out of work, 9 per cent have earned significantly less, and 67 per cent of pension savers haven’t felt the need to engage with their pension, while 3 per cent withdrew money from their pensions.
The survey comes on the heels of recent data from the Department for Work and Pensions, which show that overall savings into UK workplace pensions in 2020 increased by £5.5bn to £105.9bn.
B&CE, provider of The People’s Pension director of policy and external affairs Phil Brown says: “This research confirms that the economic fallout from the pandemic has impacted people differently, depending on how much they earn and where they live. It’s very interesting to see that nearly three in 10 adults (29 per cent) have been able to save money due to the fact they have spent a lot less on holidays and going out.
“The results of our survey also reinforce the importance of saving into a pension, something that people have continued to do during a time of great economic uncertainty.”