A new analysis by the DWP shows that only 38% of working-age people – 11.6 million out of 30.4 million people – are saving into a private pension, the lowest level in the past ten years.
The figures show a steady decline in pension saving between 1999/2000 and 2009/10, with the decrease being most dramatic among men and the under 40s.
While the overall number of people saving into a private pension fell from 46% in 1999/00 to 38% in 2009/10, pension saving among men fell from 52% to 39%. And among people aged between 20 and 39 years old pension provision fell from 43% to 31%.
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