Women millennials’ perceptions of pension savings through the use of autoenrollment in the UK pension system

ABSTRACT

There has been concern about younger people, and women in particular, not saving enough for retirement and how to encourage further saving. Therefore, this study—partly funded by the Fawcett Society in association with Scottish Widows—explores female millennials’ attitudes and motivations toward pension saving and automatic enrollment through the use of 40 semistructured interviews and a focus group. The findings show that although the introduction of autoenrollment pensions is generally positively received, pensions knowledge is still limited, and this intensifies the risk of undersaving for retirement among millennial women, particularly given women’s diverse work histories.

KEYWORDS:

• Attitudes
• gender
• pensions

Additional information

Funding

This work was partly based upon work from COST Action IS1409, Gender, Health and Extended Working Life in Western Countries, supported by COST (European Cooperation in Science and Technology). Part of this research was commissioned by the Fawcett Society and funded by Scottish Widows.