Millennials value pet ownership over pensions - ABI

Millennials value owning a cat or a dog (23 per cent) over having a comfortable pension (20 per cent) according to a new survey from the Association of British Insurers (ABI).

The poll, which questioned 2,000 people split between millennials and baby boomers, found that home ownership was millennials biggest priority (49 per cent) , followed by having a family (36 per cent) and being debt free (32 per cent).

The survey was launched in the conjunction with the new campaign called Love Your Pension, aimed at getting millennials to value their pension savings more.

The film, targeting social media, has a cast of dogs complaining about the daily grind, with the message being “avoid working like a dog all your life, you should love your pension”.

ABI director of policy, long-term savings and protection, Yvonne Braun, said: “Auto-enrolment has achieved amazing things, and take up of workplace pensions has never been higher among the under 30s.

“It’s right that industry supports this policy which has transformed the pension savings landscape. By using our collective voice we can help ensure people properly value their pensions, and therefore reduce the chances of them opting out as contribution rates go up.”

According to the ABI, auto-enrolment will have brought 10 million more people into pensions saving by 2019/20, while rates will rise from 3 per cent to 5 per cent from next April.

“Having enough savings to fund your retirement is a very serious matter, but scaring people about their future finances or trying to lecture them on what they should be doing will not help younger workers engage with these issues,” Braun added.

"Instead we are encouraging positivity about pensions, to complement the policy work we already do to increase transparency and engagement."

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