Saving for retirement surges up workers' list of priorities after government scheme Saving for retirement has jumped up on the public's list of financial priorities since a government scheme to encourage people to put more money away for their retirement was launched, even overtaking people's desire to save for clothes and shoes. Saving for retirement is now in third place in consumer's priorities, with holidays in first place and saving for a 'rainy' day in second place, christian louboutin mens shoes according to the not for profit pension scheme nest. When similar research was carried out in 2011, pension saving came in seventh place, with saving for holidays again in first place, home improvements in second place and socialising coming third. Saving for a 'rainy day' might encompass something like an unexpected bill, or a broken appliance or car that needs fixing, and many consumers consider this far more important than their pension Sitting in sixth place on the christian louboutin mens boots priority list in 2011, saving for shoes and clothes was a bigger priority for consumers at that time than retirement saving.Saving for a rainy day was in fourth place in 2011, with saving for a car in fifth position. More than 2.5 million people have been placed into workplace pensions since the Government's automatic enrolment scheme was launched in autumn 2012 to head off a retirement savings crisis as people live for longer. We'll reform business rates, cameron tells small firms:Pm says he understands anger caused by tax that raised 24bn last year Nearly 1, 000 military widows have been stripped of their pensions after finding new love Blind man who fell onto subway tracks and was saved by his seeing eye dog gets a new one.But he's still going to keep his canine hero after well wishers donate $44, 000 Ex police officer who shot dead unarmed war veteran will get $1million disability pension despite being fired So far, a higher than expected rate of nine in 10 people are staying in their workplace pension rather than opting out and nest said that consumers have given auto enrolment a 'quiet welcome'. But the report also found that just one in 11(9 per cent)People think their current and future savings will be enough to provide for them in retirement, down from one in seven(14 per cent)In 2011. Only half(48 per cent)Of those surveyed could give a specific prediction about how much money they will need to live on in retirement. More people are considering that saving for one's retirement might be more beneficial in the long run than buying new clothes Workers generally estimated they would need around half their current salary in retirement, meaning they typically aspire to have 14, 156 a year to live on. But people's understanding of pensions and how they work remains 'low', the report said.Only one fifth of people said they know anything about pensions 'in any detail'. One in eight(12 per cent)Of people said they knew nothing about pensions at all. Nest's director of communications graham vidler said:'The good news is that workplace pension reforms have come at the right time to help people get on the savings ladder and put something in place for their retirement. 'But it's clear that many are worried about what they'll live on and don't feel they're doing enough.' Auto enrolment started with the larger firms, which tend to have the most experience of pensions and communicating their benefits to employees. Around 30, 000 companies are due to automatically enrol their staff into a pension in 2014. But the nest report found that many employers found that it took longer than they expected to get ready. One fifth(20 per cent)Of those employers which have been brought into the initiative took over 16 months to get ready, despite previously offering a pension scheme to at least some of their workers. Meanwhile, two thirds(63 per cent)Of employers found it more difficult than they had anticipated and 55 per cent reported having difficulty understanding the legalities of the reforms. The report said that while general awareness of auto enrolment is high among medium sized employers, they tend to be more 'hazy' on the christian louboutin sale details of what they will need to do. It said one 'common misconception' was that once an employer had chosen a pension provider, everything else would be done for them. The government has told firms that they should allow around a year to prepare for auto enrolment. It has been considering placing a cap on management charges for pension schemes but confirmed last week that any cap will not be in place for at least a year, in order to give firms more time to adjust. Pensions minister steve webb said in a written ministerial statement that the government remains 'strongly minded' to cap pension scheme charges, but any cap will not be introduced before april 2015.
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