A new report identifying the private pension savings of underpensioned groups in the UK found a number of common factors within groups presenting barriers to saving, including non-traditional work patterns, a lower percentage of homeownership, and being impacted by inequalities in the labour market.
The new “Underpensioned Index 2022”, created by NOW: Pensions in collaboration with the Pension Policy Institute (PPI), reveals that the pension savings gaps for some of the most financially at-risk groups have worsened since the 2020 index was first published.
Of the 14.6 million employed women in the UK, around 2.5 million (17%) do not meet the qualifying criteria for automatic enrolment, compared to 8% of male employees. 1.9 million women earn below the earnings threshold of £10,000, making up 79% of the workers who do not meet this qualifying criterion.
