The size of the average pension in the United Kingdom has grown from less than £30,000 to a whopping £50,000 in the space of just two years, according to a survey conducted by Aegon.
The life insurance company stated that an increased awareness of the importance of saving for the future has played a significant role in the growth of British pension pots. They also claimed that this enhanced mindfulness among UK workers has been spurred by the pension freedom reforms of 2015.
Pension auto-enrolment also appears to have been a factor, with millions of employees around the country now saving thousands of pounds by putting money into workplace schemes. The minimum contribution currently stands at two per cent.
Further noteworthy findings from Aegon’s research include the fact that men are currently saving up to three times more than women. Men have more than £73,000 in their pension pots on average, while women have a little less than £25,000 on average.