Vince Smith-Hughes

Director of Specialist Business Support

Millennials want more from pensions

31 August 2018

  • Nearly one in four (24 per cent) are not saving into pensions
  • But they want more help from employers and pension rules leave them cold
  • One in six (16 per cent) do not think they will ever be able to afford retirement 

Millennials may get regularly mocked as Generation Snowflake obsessed with spending on luxuries but new research from Prudential1 shows they are focused on saving for retirement and want more support.

Its study found nearly seven out of 10 (69 per cent) of under-35s are saving into pensions either through work or in personal schemes but they are struggling for help. Over half (53 per cent) wish their employer would explain pensions and benefits and nearly a quarter (24 per cent) say they find pension rules very confusing.

Two thirds (66 per cent) have signed up for workplace schemes underlining the success of auto-enrolment. However, many recognise they are not saving enough with 23 per cent saying their current workplace or personal pension contribution is not high enough.

Just 24 per cent admit to not having a pension fund currently and 27 per cent say pensions either do not motivate them or are not relevant to their generation.  

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