10th May 2012

New Working Lives Report from Aviva

Aviva's first working lives report outlines the challenges of getting Britain's workers saving

New Index shows low engagement levels in the run-up to automatic enrolment.

• Many employers (70%) are aware of pension reform changes but 68% of
• employees have little or no knowledge of automatic enrolment yet.
• 43% of employees currently without a pension said they would remain in a scheme once they were automatically enrolled – but opt outs could be significant.
• Employees are most concerned (53%) about how their pay compares to the cost
• of living, while employers worry most about keeping up with the competition (58%).
• More than half (56%) of employees agree pensions are the best way to save for
• retirement but 55% of employees without one say they simply don’t have the cash.
• Employers recognise their workers are critical to their business success, but over a third (39%) are looking to motivate them without ‘unduly increasing pay’.
• The first Savings Engagement in Employment (SEE) Index shows significant
• room for improving employers’ and employees’ levels of awareness, ownership
• and enthusiasm for workplace saving.

The challenge of getting Britain’s workers saving for their retirement is highlighted in Aviva’s first Working Lives Report, which reveals the daily struggle faced by employers and employees as they seek to balance business priorities against personal financial needs.

Read the full Working Lives press release

Read the full Working Lives Report (pdf)

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