Nearly three in 10 people (29 per cent) have been able to save more money since the beginning of COVID-19, and latest research shows how the pandemic has impacted people differently depending on what jobs they have.
A YouGov survey, conducted on behalf of The People’s Pension1, shows that more than a third (37%) of those described as ABC1s, who tend to occupy managerial and supervisory positions, have been able to save more since March 2020, compared to 20% of C2DE workers, who are typically in manual and lower paid jobs2. The regions where the highest proportion of people said they were able to save more include; Yorkshire and the Humber (36%), East Midlands (35%), South East (35%) and Wales (33%). Whereas the regions least likely to have saved more are: North East (20%), Northern Ireland (22%), North West (23%) and South West (24%).
The poll also shows that 1 in 20 UK adults (5% ) have increased the amount they save into their pension since the beginning of the pandemic (March 2020) with 6% of ABC1s achieving this, compared to 3% C2DEs.
The survey of 2,163 adults , conducted as furlough came to an end, shows that since the pandemic began:
• 2% have been left out of work
• 9% say they have earned significantly less
• Two thirds of pension savers (67% haven’t felt the need to engage with their pension
• 3% withdrew money from their pensions
The survey follows recent figures from the Department for Work and Pensions3 that show that overall saving into UK workplace pensions in 2020 rose by £5.5bn to £105.9bn.
Phil Brown, director of policy and external affairs at B&CE, provider of The People’s Pension, 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%) 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.”
Notes to editors:
- The People’s Pension is a leading workplace pension scheme from B&CE, serving more than five million pension savers across the UK, with over £16 billion assets under management. With no shareholders, it uses its profits to help people build financial foundations for life.
- All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,163 adults. Fieldwork was undertaken between 28th – 29th September 2021. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).
- Figures included in the Department for Work and Pension’s Workplace pension participation and savings trends of eligible employees: 2009 to 2020