Half of UK workers aren't saving for retirement – here's why
Nearly half of all working-age adults in the UK aren’t putting money into a pension – and many fear they’ll never be able to retire. It’s a sobering reality that affects millions of people, and if you’re one of them, you’re not alone.
The reasons are painfully familiar: irregular work, low wages, and the struggle to afford everyday bills. Take Sarah, a 35-year-old librarian in Oxford who works two part-time jobs. She has just £5,000 saved for retirement – and she’s acutely aware it’s nowhere near enough. After finishing her PhD in 2020, she intended to start a pension, but a string of short-term contracts meant she never felt settled enough to commit to one.
This story repeats across the country. When you’re juggling multiple part-time roles, moving between jobs frequently, or struggling to cover rent and food costs, pensions feel like a luxury you can’t afford right now. But here’s the uncomfortable truth: waiting makes things harder later.
The good news? There are steps you can take today, no matter how small your starting point.
Understand your legal rights. If you earn over £10,000 annually, your employer must enrol you into a workplace pension scheme and contribute at least 3% of your pay. This applies even if you’re part-time. Check whether both your employers are doing this – you might already be saving without realising it.
Start tiny. You don’t need to save hundreds a month. Even £25 or £50 added to a pension pot each month compounds over decades. Something is infinitely better than nothing.
Get free help. MoneyHelper (the UK government’s free advice service) has straightforward pension guidance. PensionWise offers free guidance to over-50s. StepChange can help if debt is preventing you from saving.
Ask your employer. Many workplaces offer financial wellbeing support or pension advice. It’s worth asking what’s available.
If you’re in a precarious work situation like Sarah, building any pension is an act of self-care for your future self. Start this week – even with a single small contribution.