Shanghai pensioner Mou Guoying has spent the past three months crocheting woollen roses for Beijing Olympic medallists’ bouquets – Copyright AFP Jessica YANG
Searches for ‘pension help’ have hit a ten year high in the U.K. as the cost-of-living crisis grows. This crisis is a mix of global economic issues, some of which stem from the war in Ukraine, and government policies. A major source of the rise in the cost of living is from price increases in the energy sector.
Internet search data indicates that web searches for ‘pension help’ are up 157 percent from this time ten years ago, a new high in those searching for help with retirement. In addition, a new study has found the best industries to work in for good employer pension contributions, with the public administration and defence (including compulsory social security) sector coming out on top.
Analysis of Google Trends data made by investing comparison site Investing Reviews found that searches for ‘pension help’ has more than doubled in the past ten years amid the rising cost of living and inflation hikes.
For the review, the company analysed data from the Office for National Statistics to establish which industry has the highest percentage of its workforce receiving employer pension contributions of 20 percent or more.
The outcome is:
|The best industries to work in for a pension|
|Industry||Rank||Percentage of employers that contribute 20% or more to employees’ pension|
|Public administration and defence (including compulsory social security)||1||67.9|
|Electricity, gas, steam and air conditioning supply||3||19.4|
|Human health and social work activities||4||15.4|
|Arts and entertainment||6||8.5|
|Finance and insurance activities||7||7.6|
|Transportation and storage||8||7.2|
|Real estate activities||9||6.2|
|Professional, scientific and technical activities||10||4.0|
The research reveals that employers in public administration and defence (including compulsory social security) are the most generous when it comes to pension contributions with 67.9 percent of employers contributing 20 percent or more to their employees’ pension pot.
Education is the second-best sector to work in when it comes to employer contributions to your pension. The percentage of employers in the education sector contributing 20 percent or more is 64.0 percent. This is the second highest percentage out of all industries. The high contribution percentage is likely due to both industries being largely based in the state sector as well as private sector.
Employers in the electricity, gas, steam, and air conditioning supply sector that contribute 20% or more to their employees’ pension pot comes to 19.4 percent.
Commenting on the data patterns, a spokesperson from Investing Reviews tells Digital Journal: “It is paramount to prepare and invest in your future, now more than ever. However, this is easier said than done with costs rising in every factor of life. Despite it being no surprise to see that people are seeking help with their pensions, these figures highlight an alarming shift in the way Brits are viewing their retirement.”