Decline in household incomes to blame for low pension figures?

Research from Think Money, based on ONS figures, indicates 3.9 million fewer people are paying into occupational pension schemes than in 1967, despite the population growing by 7 million over that time.

 

In 1967 12.2 million people were paying into pensions, whereas in 2010 only 8.3 million people were doing so, representing a 32% decline, according to the financial solutions provider.

 

It is urging people not to ignore the benefits of paying into a pension for financial security in the future.

 

The research indicates the number of people paying into occupational pension schemes dropped particularly sharply between 2008 and 2010, which may be a result of the economic climate, as households try to find ways to cut back.

 

A spokesperson for Think Money says: "Clearly, rising unemployment and falling levels of disposable income are forcing households across the country to rein in their spending, but we would advise people to think very carefully before deciding how they'll do that."

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