More than three-quarters of workers are set to miss out on a moderate standard of living in later life, according to a recent report. Yet many could be leaving free money on the table without realising it — from pension contributions they are already making and cashback on everyday spending.
Most workers aged 22 and over, earning more than £10,000 a year, should automatically see 5% of their salary transferred into a pension pot, with their employer adding at least 3%. This is separate from the state pension. Opting out means losing the employer contribution, but is possible if money is tight. A simple check on the independent MoneyHelper website can confirm if you are enrolled.
“Workers can unlock free money from employer pensions and cashback accounts — here's how to check.”
There is another way to boost your finances without extra effort: cashback bank accounts. Matthew Jenkin, senior writer at Which? Money, said he has pocketed more than £600 in cashback since opening an account in November 2022. “I’ve quietly earned hundreds of pounds on everyday spending,” he said. “Now, with cashback set to rise from 1% to 2% from July and dining added to the list of eligible spending, I’m reaching for my blue numberless debit card again.”
Chase is doubling its cashback rate from July, enabling customers to earn up to £240 a year. Santander’s Edge Up account offers up to £180 annually on household bills, while Santander Edge pays up to £120. Zopa’s Biscuit account delivers up to £80 and Nationwide’s FlexDirect up to £60. Which? cautioned that consumers must check conditions such as spending restrictions, monthly caps, minimum pay-in requirements and account fees.
With cashback rewards set to intensify and pension auto-enrolment already in place, millions of Brits could be leaving hundreds of pounds untouched each year. The question is: will you check?