Fewer people than expected have opted out of a compulsory pension scheme since it was launched almost a year ago, according to a report which identified a new mood of financial caution among the public.
More than 1.6 million people have been placed in government-backed workplace pensions since the roll out of auto enrolment last October with larger firms, it found.
The report - by pension provider NEST and researchers at the Futures Company - concluded that the tough economy had changed the way people manage their money. People seem more interested in saving for their retirement and reducing their debts.
The report findings are a...