Pensions  

Consumer pension fears at 10-year high

Consumer pension fears at 10-year high
 

As people grapple with the cost of living crisis, Google searches for ‘pension help’ have reached a 10-year high.

Research by investing comparison site, Investing Reviews found searches for help with retirement have more than doubled in the past 10 years - a rise of 157 per cent. 

A spokesperson from Investing Reviews said: "It is paramount to prepare and invest in your future, now more than ever. However, this is easier said than done with costs rising in every factor of life. Despite it being no surprise to see that people are seeking help with their pensions, these figures highlight an alarming shift in the way Brits are viewing their retirement."

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The research also revealed which industries offer the best employer pension contributions, with the civil service coming out on top. 

By analysing data from the Office for National Statistics, the research found which industry has the highest percentage of its workforce receiving employer pension contributions of 20 per cent or more.

Employers in public administration and defence are the most generous, with 68 per cent of employers contributing 20 per cent or more to their employees’ pension pots. 

Education was the second best sector, with more than 64 per cent of employers contributing 20 per cent of more.

After this, there was a significant fall in the number of employers contributing more than 20 per cent. 

Employers in the electricity, gas, steam, and air conditioning supply sector placed third, at 19.4 per cent with the human health and social work activities sector coming fourth a 15.4 per cent.

In bottom place was the wholesale and retail trade at only 1.3 per cent.

Industry

Rank

Percentage of employers that contribute 20% or more to employees’ pension

Public administration and defence (including compulsory social security)

1

67.9

Education

2

64.0

Electricity, gas, steam and air conditioning supply

3

19.4

Human health and social work activities

4

15.4

Water supply

5

10.6

Arts and entertainment

6

8.5

Finance and insurance activities

7

7.6

Transportation and storage

8

7.2

Real estate activities

9

6.2

Professional, scientific and technical activities

10

4.0

Yesterday (August 23), FTAdviser reported that pension providers have started to take action as more individuals move to reduce pension contributions as a result of the cost of living crisis. 

Earlier this month, Canada Life released figures which showed that one in 20 people have stopped their pension contributions because of the cost of living crunch. 

jane.matthews@ft.com