One quarter of millennials not saving into pensions, survey finds

One in four (24%) of millennials in the UK are not saving into pensions, according to a survey commissioned by British financial services group Prudential.

The online survey of 1178 young people who became adults in the noughties also found that one in six (16%) do not think they will ever be able to afford retirement.

In addition the survey found that, while nearly seven out of 10 (69%) of under-35s are saving into pensions either through work or personal schemes, they need help and advice.

Over half (53%) of those paying into pensions would like employers to explain pensions and benefits and nearly a quarter (24%) say they find pension rules confusing.

Many of those recognise they are not saving enough with 23% saying their current workplace or personal pension contribution is not high enough.

©2018 funds europe

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