Over half of millennials want more pension saving support

Fifty-three per cent of under-35s wish their employers would explain pensions and benefits to them, a new report has revealed.

The study from Prudential published today, 31 August, suggests that millennials need better education and support when it comes to pensions, with 24 per cent finding the rules confusing.

A further 23 per cent admit they do not know if they are on target for retirement saving , while 28 per cent do not feel confident with financial matters.

Prudential pensions expert, Vince Smith-Hughes, said: “Rules can be confusing, especially when you are early in to your career, which is why we advise most savers to seek financial advice when possible. Employers can help to ensure they provide information and support around their workplace scheme.”

Almost a quarter (24 per cent) are not enrolled in a pension scheme and 27 per cent do not believe that pensions are relevant to their generation.

However, 66 per cent of under-35s signing up to auto-enrol workplace schemes could be evidence that the new auto-enroll scheme is working.

The scheme also seems to be generating an interest from some millennials as the research found that over a quarter (26 per cent) have been investigating their financial options and see a financial adviser regularly.

Smith-Hughes continued: “Millennials are as responsible as other generations when it comes to pensions and the talk about Generation Snowflake feeling entitled to an easy life is not true.”

Despite their increased interest, many millennials are dissatisfied with the level of saving as 23 per cent of those surveyed saying that their current pension contributions are not high enough.

Furthermore, 27 per cent believe that they are saving as much as possible but don’t think it’s enough for retirement, while 16 per cent don’t think they’ll ever be able to afford to retire.
Overall, 69 per cent of under-35s are currently saving into pension schemes.

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