What does ‘adequate’ saving really mean? Adequacy cannot be a fixed target; it’s a balance between present pressures and future needs.

People are navigating rising living costs, housing challenges, and family responsibilities. Expecting them to increase contributions without addressing affordability risks disengagement.

We need a system that recognises these realities and helps individuals build resilience – both now and for later life.

Incremental contribution pathways, better financial education, and supportive employer practices could help savers grow confidence and capacity over time.

Our Lifetime Savings Initiative calls for a more joined-up approach to financial wellbeing across the savings journey, and supports the concept of emergency savings.

Ultimately, adequacy is about fairness and sustainability. If we can design a system that reflects how people actually live and save, we’ll not only improve outcomes but strengthen trust in pensions as a cornerstone of long-term financial wellbeing.

This must be done alongside strong governance, capability and professional standards if it is to deliver lasting value for savers.

We are working with policymakers and practitioners to explore these solutions – ensuring that adequacy becomes achievable, not aspirational.

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