It appears the younger generation might not be as fiscally irresponsible as previously reported. New figures released by HMRC show that under 35’s now represent the largest group of people who contribute to personal pensions.

This age group makes up 34% of all people who contribute to personal pensions, the largest percentage of any age group. Auto-enrolment has been cited as largely responsible for the vast year over year improvement. Human resource experts explain that auto-enrolment has had a positive effect on all age groups, not just the under 35’s. More people, overall, are contributing to personal pensions. Furthermore, this number is the highest it has ever been since 2001 when records first began.

While all of this news is extremely positive, one area of concern circles around the self-employed group who seem to be saving less. The number of self-employed people saving in a personal pension has fallen to less than 400,000 in 2014/2015. This is the lowest number since records began in 2001. This number is alarming, according to HR experts, because self-employed workers make up approximately 15% of Britain’s workforce.

Alistair McQueen, savings and retirement manager at Aviva, says that even though the harsh reality of the self-employed group cannot be ignored, the amount being saved overall is approaching an all-time high and should be celebrated. He goes on to say the financial challenges facing the under 35’s are well documented and include issues like increasing property prices, student debt and job insecurity. Yet, with all of these challenges, the fact that this age group has managed to save is to their credit. This age group is certainly helping lead the way in Britain’s pension revival.