New figures estimate that the number of BAME employees who are enrolled into a workplace pension has risen to a 10 year high of 1,368,000.
These statistics show that the number of savers has increased by almost 500,000 in four years.
Automatic enrolment has transformed saving in the UK and has brought more than 9.8 million people in UK into a workplace pension.
As people are living longer, healthier lives the more people save now the more freedom they will have in retirement.
Guy Opperman, Minister for Pensions and Financial Inclusion: “Automatic enrolment has led to a savings revolution in the UK with more people than ever before saving into a workplace pension.
“Among the BAME population this rise has been especially impressive. There is more we can do for groups such as the self-employed, which is why we’re looking at running some trials to find an approach which works for them, too.”
The workplace pension is a great way to save, when you pay in your boss pays in too and the government may also contribute with tax relief, and your savings will grow thanks to compound interest.
