One in 20 (5 per cent) UK adults have increased the amount they save into their pensions since the beginning of the Covid-19 pandemic in March 2020, research from The People’s Pension (TPP) has found.
The survey, conducted by YouGov on behalf of TPP, revealed a disparity between incomes, with 6 per cent of those in managerial and supervisory positions (ABC1 workers) being able to save more into their pensions compared to 3 per cent of those in manual and lower-paid jobs (C2DE workers).
Of those surveyed, two-thirds (67 per cent) had not felt the need to engage with their pension, while 3 per cent withdrew money from their pension pot.
The research was conducted as furlough came to an end, with 2 per cent being left out of work and 9 per cent stating that they earned “significantly less” since the beginning of the pandemic.
More generally, nearly a third (29 per cent) had been able to save more money since the onset of the pandemic.
The regions where the highest proportion of people said they were able to save more were Yorkshire and the Humber (36 per cent), the East Midlands (35 per cent), the South East (35 per cent) and Wales (33 per cent).
Meanwhile, the regions least likely to have saved more were the North East (20 per cent), Northern Ireland (22 per cent), the North West (23 per cent) and the South West (24 per cent).
Commenting on the findings, director of policy and external affairs Phil Brown said: “This research confirms that the economic fallout from the pandemic has impacted people differently, depending on how much they earn and where they live.
“It’s very interesting to see that nearly three in 10 adults (29 per cent) have been able to save money due to the fact they have spent a lot less on holidays and going out.
“The results of our survey also reinforce the importance of saving into a pension, something that people have continued to do during a time of great economic uncertainty.”