74% of employees are enrolled in a workplace pension, Barclays finds

Nearly three-quarters (74%) of employees said they were enrolled in a workplace pension, but just 24% contributed more than the default rate, according to the latest Financial Confidence Index from Barclays. 

57% of adults rated their understanding of personal finance as strong, but 44% had not taken steps to improve their knowledge in the past year. 

Younger adults were less likely to rate their understanding as strong compared to older generations.

39% said they had delayed a financial decision due to the conflict in the Middle East, including holidays, major purchases and investments. 

Overall, 23% said they had put off making any financial decisions during periods of uncertainty.

Long-term planning was limited, with only 24% saying they had enough life insurance and 10% holding income protection. 

Vim Maru, chief executive of Barclays UK, said: “Our new Financial Confidence Index shows that many people are managing day-to-day, but confidence isn’t always turning into action. 

“Financial confidence should be about more than just staying on top of everyday finances – it’s about equipping people to build their knowledge and put protections in place to support the future and help their money go further, for longer.