£ NOTES

Numbers of people saving for retirement are rising thanks to automatic enrolment into workplace pensions.

Latest Department for Work and Pensions figures reveal that 84% of employees are now in a scheme, up from 77% in 2016.

But while it’s good news more people are putting cash away for older age, the average amount being saved has fallen.

The average sum being paid into pensions by workers is now £3,873 per eligible saver in the private sector, compared to £6,782 six years ago.

And the percentage of selfemployed people saving into a pot has fallen from 30% in 2008 to just 14%.

Nathan Long, senior pension analyst at investment firm Hargreaves Lansdown, said: “Numbers saving for retirement are soaring, but amounts put aside are plunging. The auto-enrolment regime is responsible as it insists on only very low savings levels.”

Yorkshire Building Society has launched a new range of mortgages for borrowers who have saved into Help to Buy ISAs. There are two and five year fixed-rate options for those with a 5% or 10% deposit with £495 fee and free standard valuation. The range includes a two-year 1.72% on 10% deposits, 3.09% on 5% deposits and five-year 2.39% on 10% deposits and 3.75% on 5% deposits. Available through Yorkshire’s branches or on 0345 166 9510.

The number of drivers who would consider an electric car next has doubled from 15% to 30% in the last year. A further 40% would consider one in the future. Motorists said they were attracted to having a more environmentally friendly car, lower running costs and the driving experience, said the Britain Under the Bonnet report from Close Brothers Motor Finance.