The proportion of the population aged between 16 and the state pension age who are actively saving for retirement increased from 54% to 57% between 2016-18 and 2018-2020, the Office for National Statistics says.
The statistics body's report Saving for retirement in Great Britain: April 2018 to March 2020, published today (17 June) found that some 23% were saving into a defined benefit scheme only, 26% were saving into a defined contribution scheme only, 4% were saving into a personal pension only and 4% were saving into a mixture of scheme types.
The percentage of people actively contributing to a private pension has now increased by 32.5% since automatic enrolment (AE) was introduced in 2012, a time when only 43% were saving for their retirement.
Despite this, the report also found that those who were self-employed were much less likely to be actively saving for retirement - with just 19.2% of those who were self-employed saving into a scheme compared to 80% of those who were employed during the period between 2018 and 2020.
The ONS data also revealed that one-tenth of the population held more private pension wealth than the rest of the country combined - with the top 10% of the population holding 64% of the private pension wealth against to the bottom 50% of the population, which held just 1% of the private pension wealth.