National campaign to ask consumers what makes 'Tomorrow worth saving for' launched on the back of new research showing millions not saving through fear of making mistakes.

Less than six months before workplace pension reforms begin to take effect, new research published today (Tuesday 19 June) suggests that low confidence, rather than unwillingness, may be one of the main reasons for people not saving enough for their later lives.

The majority (71 per cent) agree they may not have put enough aside because they don't want to make the wrong decision about saving for retirement, whereas nearly half (47 per cent) agree it’s because they don’t know enough about what would be their best option.

Those surveyed admit if they had extra cash available they would be more likely to spend it on holidays (40 per cent), home improvements (20 per cent) and socialising (20 per cent) than put it away for their retirement (12 per cent).

Currently, just one per cent of private sector employees who will be automatically enrolled into a pension scheme at work consider a pension essential spend.

The NEST research surveyed a representative sample of 1,847 jobholders not currently in a qualifying scheme.

On the back of the research, NEST (National Employment Savings Trust), has launched a national campaign called 'Tomorrow is worth saving for'. Via social media, it asks consumers, 'what do you do now that you will still want to do when you're older? Going to the cinema, socialising with friends, going to the football?' and asks consumers to join a conversation to tell NEST what they think makes tomorrow worth saving for. NEST has developed ideas for potential adverts to highlight automatic enrolment and the role of NEST, and wants consumers to comment on these and give their own ideas.

The campaign is aimed at raising awareness of NEST and automatic enrolment. NEST wants to help consumers to put pensions in the context of their lives today and think about what difference a pension could make to their later lives.

Tim Jones, CEO of NEST, said:

'Too many people are putting off setting money aside for their later lives because they don't know what to do or don't want to think about retirement. Our findings show we must use this opportunity to build up their confidence.

'Our campaign aims to help consumers put pensions into the context of the lives they live today and kick-start a national conversation about what makes 'tomorrow worth saving for' in their lives.

'Automatic enrolment is the first step towards a long overdue pension revolution and NEST will play a key role in helping millions more to save for retirement.'

Automatic enrolment will make pension saving easier for millions of people from October and boost their pension pots due to contributions by employers and the government.

NEST research also shows that when told about the reforms, two thirds (63 per cent) agree that automatic enrolment is a good idea and just 16 per cent of people say they would definitely opt out. The vast majority (78 per cent) say knowing they have something put aside and growing ready for their retirement would make them stay opted-in, while more than two thirds (67 per cent) say it would be the relief that they could stop worrying they'd done nothing to prepare.

Social media sites

More information on the 'Tomorrow is worth saving for' campaign can be found at www.facebook.com/nestpensions.

Follow the campaign on Twitter via @nestpensions #worthsavingfor

See ideas about the campaign on the NEST Pinterest profile at www.pinterest.com/nestpensions

About the 'Tomorrow is worth saving for' campaign:

NEST, with the help of creative agency TBWA/Manchester, has come up with some ideas for draft 'adverts' to help make pensions relevant to people's lives today and spread the message about automatic enrolment and the role of NEST.

We want consumers to tell us what they think of our ideas, and we want to know what makes tomorrow worth saving for, for them. What do you do now that you will still want to do when you're older? Going to the cinema, socialising with friends, going to the football?

Every week for the next five weeks we'll be giving away sixteen prizes to people who join the conversation (terms and conditions can be found on our website).

We're also on the look-out for ideas to include in our campaign – we want consumers to tell us why they think tomorrow is worth saving for. Their ideas could come to life in national advertising later in the year.

Competition details

Weekly prize draw

Every week for the next five weeks we'll be giving away sixteen prizes to people who join the conversation. It's really easy to get involved. All you have to do is email jointheconversation@nestcorporation.org.uk with the subject 'Worth Saving For Prize Draw' and tell us what you think of the ad appearing that week on our Facebook and Pinterest pages. We’re also on Twitter and Pinterest, so you can tweet us your comments and repin our ads, or pin your own ideas and link to our account to enter. Please note comments on our Facebook page will not be accepted as entries.

Final prize competition

There's also a final prize draw where you could get to see your advert ideas come to life in a national advertising campaign. (All entries to the final prize competition will be automatically entered into the weekly prize draw).

To enter the final prize competition:

a. choose an image - find a picture online, draw a doodle or take a photo that represents whatever you like doing now that you'll still want to do when you're older,

b. write a tagline - think of a short, catchy headline that links in with pensions, for example,  'Going out later, what about much later?'

c. send the image and tagline to us - email your image and tagline, with the subject 'Worth Saving For aAd Idea', to: jointheconversation@nestcorporation.org.uk or via Twitter or Pinterest.

d. Please note, posts to our Facebook page will not be accepted as entries.

For full terms and conditions please visit www.nestpensions.org.uk