Shape up that savings pot

But now, as we’re all becoming a bit more pension savvy, new research has revealed many employees would like employers to go further when it comes to offering help with money matters.

A report from Scottish Widows has found many employees had a thirst for more practical financial education and hands-on support with budgeting.

Almost one in four (23%) people working in larger companies (with more than 250 employees) think employers should pay for full independent advice, while 41% feel firms should provide information on how to budget for retirement.

Of employees working for smaller firms (with up to 49 employees) 17% think employers should provide paid-for financial advice, while people at medium-sized firms (50 to 249 employees) one in three think employers should offer information on budgeting for retirement.

Automatic enrolment into workplace pensions started in autumn 2012 (so far five million have been signed up), with the aim of heading off a looming retirement savings crisis, thanks to people living longer but failing to put enough cash aside for their later years.

So far, the scheme has proved popular, with a higher than expected rate of around nine in 10 workers sticking with the pension they’ve been placed into.

According to a recent survey from pension scheme Nest, one in three people are now expecting their main retirement income to come from their workplace pension.

If you’re considering one, or you’re just getting started after being enrolled into a scheme, here are some tips from Scottish Widows on how to boost your chances of ending up with a decent retirement income:

:: If you have some spare cash, consider using it to save more into your workplace pension. If you are already auto-enrolled, see if you can increase your contribution slightly - even raising it by just by a small amount over time can make a big difference to your final retirement income.

:: Start saving earlier: Auto-enrolment provides a real incentive to start saving for your retirement even in your very first job —SSFGS if you don’t, you’re missing out on employer contributions which could make a real difference to your final retirement pot. Scottish Widows’ latest research found that starting saving aged 20 rather than aged 30 could boost your retirement income by around £2,900 per year.

:: Find out what you need to be putting away. Have a clear idea of how much you are going to need for the retirement you want and what you are putting away now. Scottish Widows’ most recent retirement report found that on average, Britons are facing a £7,800 shortfall every year in what they want for their retirement and what they will actually have. It recommends putting away 12% of annual salary to ensure a comfortable retirement. Retirement calculators including www.scottishwidows.co.uk/retirement-planning/ can help you find out how much you will need and where to start.

:: When you’re getting closer to the end of your working life, make sure you understand your options. The pensions industry is going through one of the biggest changes in a generation with the introduction of the new pension freedoms. When it comes to deciding what to do with your pension pot at retirement, make sure you have a clear idea of all the choices available to you.

HOW... CAN YOU MAKE SURE YOUR SOCIAL MEDIA HABIT DOESN’T CAUSE FINANCIAL STRIFE?

Social media is a firm fixture of everyday life — but this poses new challenges when it comes to personal security.

The Financial Ombudsman Service (FOS), which resolves disputes between consumers and financial firms, says it has yet to see a case of an insurer turning down a claim because someone’s social media profile showed they were on holiday.

But if you have an insurance policy - like home insurance - then you’re generally expected to take “reasonable care” when it comes to security.

So if you wouldn’t put a poster up on your front lawn saying you’re going away for a few weeks, then be careful about posting it online.