New analysis from leading online pension provider, PensionBee, suggests that pension savers put significantly more money aside for their retirement at the start of 2023 than they did towards the end of 2022, despite persistent levels of high inflation.
The average quarterly contribution amount for female savers increased by 58 per cent, from £712 in Q4 2022, to £1,128 in Q1 2023 which incorporates the end of 2022/23 tax year. Meanwhile, male customers, who continue to contribute more to their pensions than female savers, increased their average quarterly contribution by 54 per cent over the same period, from £1,017 in Q4 2022, to £1,568 in Q1 2023.
Self-employed savers also managed to put more into their pensions in the first three months of the year, with their average quarterly contribution amount increasing by 63 per cent from £975 in Q4 2022, to £1,591 in Q1 2023.
