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Recent research by Prudential shows that, despite popular opinion, millennials are focused on saving for retirement, but want more support.
The study found 69% of under-35s are saving into pensions, either through work or personal schemes, but are struggling for help. Over half wish their employer would explain pensions and benefits, with almost a quarter saying they find pension rules very confusing.
Two-thirds of under-35s have signed up for workplace schemes, however many recognise that they are not saving enough, with 23% believing their current workplace or personal pension contribution is not enough. Only 24% admit they do not currently have a pension fund, with 27% stating that pensions either do not motivate them or are not relevant to their generation.
37% of under-35s believe they are saving as much as possible, but don’t believe it is enough for a comfortable retirement. Almost 1 in 6 don’t think they will ever be able to afford to retire.
Overall, the study suggests a reasonable attitude from millennials regarding retirement planning, with over a quarter having strived to find out more about their current situation and the financial options available, saying they see a financial adviser regularly.
Vince Smith-Hughes, pensions expert at Prudential, believes millennials are as responsible as other generations, often under tremendous pressure to get on the housing ladder and pay off student loans while trying to prioritise pension savings.
For accurate legal advice concerning retirement planning and pensions, contact our expert team today.
